Ethereum (ETH) rival Solana (SOL) is seeing a “dramatic increase” in professional investor allocations this year, according to a new survey conducted by the digital assets manager CoinShares.
CoinShares polled 64 investors worldwide who cover a combined $600 billion worth of assets under management.
The respondents include different investor types including wealth managers, hedge funds, institutions, family offices, financial advisors and individual investors.
Explains CoinShares,
“Investors have been broadening their exposure to altcoins, with Solana seeing a dramatic increase in allocations. Looking through the survey responses, this is due to a few large investors allocating, carrying more weight in the survey.
XRP has seen a significant decline, with none of the survey respondents holding it now.”
Digital assets represented an average of 3% of the respondents’ portfolios, the highest weighting since CoinShares’ survey began in 2021.
Explains the firm,
“Unsurprisingly, some of the largest contributors to this were allocation from institutional investors who finally had the ability to gain exposure to bitcoin via the US ETFs.”
CoinShares notes that investors who have refrained from purchasing digital assets cite regulation as the number one factor in their choice not to invest.
“We had expected this to fall, but it is clear from the survey there remain significant barriers to entry to the asset class for specific cohorts of investors – these are typically in the wealth management or institutional space.
Fewer investors believe digital assets lack a fundamental investment case.”
SOL is trading at $135.12 at time of writing. The fifth-ranked crypto asset by market cap is down over 6% in the past 24 hours.
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