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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Institutional investors bet big on Solana while BTC outflows persist

Solana represented one-third of total inflows to institutional crypto investment products this past week.

Institutional investors are loading up on Solana (SOL), with one-third of inflows to crypto investment products being invested in instruments tracking Solana this past week.

According to CoinShares’ Aug. 23 Digital Asset Fund Flows Weekly report, $7.1 million flowed into Solana investment products between Aug. 15 and Aug. 20.

While the price of SOL gained a megre 1.4% on the spot markets over the same period, SOL has gained 110% from $35.58 since the start of August to trade for $75 as of this writing.

CoinShares’ report notes that institutional crypto investment products bucked a six-week trend of outflows, with roughly $21 million flowing into the sector this past week.

Products tracking Cardano (ADA) were the second-most popular for the week with inflows totaling $6.4 million. Institutions also poured $3.2 million into products tracking Ethereum (ETH), $1.8 million into Litecoin (LTC), and $1.1 million into Polkadot (DOT).

Flows by Asset: CoinShares

Institutional BTC products saw outflows of $2.8 million for the week — marking the seventh consecutive week of outflows for Bitcoin. BTC shed 6% over the same period.

Related: Pro traders are mildly skeptical about Bitcoin’s recent return to $50K

The report noted that the value of assets under management (AUM) by crypto investment product issuers increased to $57.3 billion as the markets rallied this week — its largest level since peaking at around $66 billion during the heights of the 2021 bull market in mid-May.

Leading institutional asset manager Grayscale represents three-quarters of the sector’s AUM with $42.6 billion.

Flows across asset providers were mixed however, with the Coinshares XBT, ETC Issuance funds shedding $9.5 million and $9.4 million, while 21shares, CoinShares Physical and 3iQ posted inflows of $21.8 million, $14.7 million and $10.8 million respectively.

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