Institutional investors appear to be “broadening their exposure to altcoins” including Solana , which has seen a “dramatic increase in allocations” from wealth managers and hedge funds, says CoinShares.
Nearly 15% of surveyed investors said they had invested in SOL, a significant bump from CoinShares’ January survey which showed none of the respondents had any investment in the altcoin.Butterfill noted XRP had seen a “significant decline, with none of the survey respondents holding it now" compared to the January survey.
“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 U.S. ETFs,” Butterfill wroteInstitutions were second behind individual investors for being the most positioned in crypto.