Institutional investment flows out of ETH and into competing L1 altcoins

📆 2022-04-26 4:13 AM
📰 Cointelegraph

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Ethereum products have seen capital outflows again, with layer 1 altcoin funds attracting the most attention last week.

It marks the third straight week that Ethereum products have seen outflows, bringing the total over that time to $59.3 million, equal to around 35% of the year-to-date outflows of $169 million from the second-largest blockchain.

Notably, investors also favored digital gold last week despite some recent hesitancy, with Bitcoin products fetching $2.6 million worth of inflows. Over the past 10 weeks, inflows to Ethereum products have reached only $68.5 million in what could signal a bearish trend by institutions towards the major blockchain.Alternate layer 1 blockchains have been growing in popularity recently, decentralized application usage on Solana in the last 7 days has increased according to metrics from

. Usage for the decentralized exchange Orca has grown nearly 43% over the week, and automated market maker Raydium has seen a 15.5% increase, with volume in its app reaching over $1.5 billion.

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