Ethereum (ETH) rival Solana (SOL) is seeing a “dramatic increase” in allocations from professional investors this year, according to a new survey conducted by digital asset manager CoinShares.
Coin shares surveyed 64 investors worldwide, covering a combined amount of $600 billion in assets under management.
Respondents include different types of investors, including asset managers, hedge funds, institutions, family offices, financial advisors and individual investors.
CoinShares explains,
“Investors have increased their exposure to altcoins, with Solana seeing a dramatic increase in altcoins. Looking through the survey responses, it appears that this is due to some large investors making allocations, which puts more weight on the survey.
XRP has seen a significant decline, and none of the survey respondents are now taking it into account.”
Digital assets represented an average of 3% of respondents’ portfolios, the highest weighting since the CoinShares survey began in 2021.
explains the company,
“Unsurprisingly, some of the biggest contributors to this were allocations from institutional investors who finally had the opportunity to gain exposure to Bitcoin through the US ETFs.”
CoinShares notes that investors who have refrained from purchasing digital assets cite regulation as the main factor in their choice not to invest.
“We expected this to fall, but the research is clear that there are still significant barriers to entry into this asset class for specific groups of investors – these are typically in the asset management or institutional sector.
Fewer investors believe that digital assets do not have a fundamental investment case.”
SOL is trading at $135.12 at the time of writing. The fifth-largest crypto asset by market capitalization has fallen more than 6% in the past 24 hours.
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