Institutional investors have shifted their attention from Ethereum (ETH) to the Layer 1 blockchain, with capital inflows for altcoin investment products increasing last week. Meanwhile, Ether products experienced a third week in a row.
information from the reportCoinShares’ latest cryptocurrency fund trend shows Investors last week (Ends April 22) Enter Avalanche (AVAX), Solana (SOL), Terra (LUNA), and Algorand (ALGO). ) Valued at $3.5 million while capital outflows were found, Ether totaled $16.9 million for the third week in a row.
The Ethereum product outflow brought the total at the time to $59.3 million, roughly 35 percent of last year’s $169 million outflow.
in the last 10 weeks The inflow of Ethereum products is only $68.5 million, which could signal a downtrend by institutions towards ETH.
The Layer 1 blockchain has recently grown in popularity, with the usage of decentralized applications (dApps) on Solana in the past 7 days increasing based on metrics from DappRadar while usage for On decentralized exchange Orca was up nearly 43 percent over the week, and Raydium was up 15.5 percent, with in-app volume reaching $1.5 billion.
Although the metrics for Avalanche’s dApp usage did not increase during the week. But blockchain investments in incentive programs and the millions used to lure developers to the platform gives traders confidence in AVAX’s future.
Avalanche, Solana, Terra and Algorand inflows were $1.8 million, $800,000, $700,000 and $200,000, respectively, while Bitcoin inflows were $2.6 million for the first time in two weeks.
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