Solana (SOL), the native blockchain token, has seen a dramatic uptick in investment activity, according to analysts at CoinShares, an investment firm. So, out of 64 firms whose combined AUM is $600 billion, 15% included SOL in their holdings, according to CoinShares’ survey.
Do you know anything else? “Institutional investors appear to be expanding their exposure to altcoins and are bullish on Solana,” wrote James Butterfill, head of research at CoinShares, in a recent report. Noteworthy is the fact that zero respondents mentioned investing in SOL when the prior survey was conducted in January.
Furthermore, with slightly less than 15% of the vote, SOL was ranked as the coin with the best growth prospects, placing it third. Just 10% of people who took part in a comparable poll back in January could identify the asset.
Among those who took the survey, 41% still think that Bitcoin has the most promising future as a cryptocurrency. With 30%, Ethereum came in second place; at the start of the year, 35% of companies had spoken positively about it.
The percentage of investors’ portfolios holding cryptocurrencies increased to 3% from 1.3% in January, according to the survey. Butterfill described this as “the highest level since surveys began in 2021.”
Institutions saw substantial hurdles to entrance into the cryptocurrency market, notwithstanding the generally positive dynamics. One common reason given by respondents who do not own cryptocurrency is the lack of clarity surrounding its regulation.
Cryptocurrency investment firms cited political uncertainty and government regulation as their top concerns.
Trading at $144.07, down 0.59% in 24 hours, SOL is where it is at the time of writing. This asset has gained 41.63 percent since the start of the year, and it gained 1.4 percent last week.
According to a survey by Deutsche Bank (ETR:DBKGn), just 10% of consumers think Bitcoin will reach $75,000 by year’s end. Similarly, 78% of institutions polled by JPMorgan Bank stated they have no plans to trade cryptocurrencies.