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...
Inflows to Solana-based investment products saw a whopping 388% increase last week, with institutional investors gaining exposure to $13.2 million worth of SOL products.
Institutional demand for altcoin exposure has surged to record levels, with the altcoin market share now representing a record 35% of capital locked in crypto investment products.
According to CoinShares’ Sept. 7 Digital Asset Fund Flows Weekly report, nearly 40% of the past week's inflows to digital asset investment products were allocated t instruments tracking altcoins.
While $97.8 million was invested into crypto investment products combined between Aug. 30 and Sept. 3 to mark the sector’s third consecutive week of inflows, $38.9 million was invested into altcoin products.
This past week also saw a sizeable increase in institutional crypto investments, with the previous two weeks recording inflows of $24 million and $21 million respectively.
Roughly 35% of capital invested in institutional crypto investment products is currently locked in instruments tracking assets other than Bitcoin — comprising a retest of the metric’s all-time high from May.
Ethereum (ETH) tracking products led the altcoin pack for the second week in a row, recording inflows of $14.4 million, a 16.2% decrease from the previous week’s $17.2 million.
There was a whopping 388% spike in weekly inflows for Solana (SOL)-based products, with SOL products absorbing $13.2 million. This coincided with the price of SOL gaining 37% over the same period.
CoinShares highlighted that inflows to Solana products doubled year-to-date (YTD) this past week, with $25 million having been invested into SOL instruments during the entirety of 2021 so far. SOL-based products now represent $44 million in total assets under management (AUM).
Cardano (ADA) and Polkadot (DOT)-based funds also saw notable inflows of $6.5 million and $2.7 million respectively.
Bitcoin (BTC) investment products bucked an eight-week trend of outflows — the longest streak on record for any digital asset product — after enjoying inflows of $58.9 million for the week. Despite the bullish shift in momentum, BTC investment products have posted outflows for 14 of the past 17 weeks.
Related: The total market cap of public crypto stocks has quadrupled since January
According to CoinShares estimates, institutional asset managers currently represent a total AUM of $62.5 billion combined — nearing the record high of $66 billion posted during mid-May.
Top institutional asset manager Grayscale continues to dominate the competition, representing 73% of the sector's combined AUM with $46.2 billion.
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