Updated: December 7, 2024
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A recent survey conducted by CoinShares has unveiled a significant shift in institutional investor preferences, with Solana (SOL) experiencing a substantial increase in allocations. The Digital Asset Fund Manager Survey, which polled 64 investors managing a combined $600 billion in assets, highlights the growing interest in altcoins, particularly Solana.
James Butterfill, Head of Research at CoinShares, emphasized the broadening exposure to altcoins among investors, stating:
“Investors have been broadening their exposure to altcoins, with Solana seeing a dramatic increase in allocations.”
The survey revealed that nearly 15% of participants now hold investments in SOL, a notable rise from previous surveys, including January’s results, which showed no institutional investments in Solana.
While Bitcoin and Ethereum continue to dominate the market, with more than 25% and just under 25% of respondents invested in these assets respectively, investor sentiment appears to be shifting.
Bitcoin remains the preferred asset, with 41% of investors bullish on its growth outlook, albeit a slight decrease from previous surveys. Ethereum, on the other hand, has seen a dip in investor confidence, with about 30% of respondents optimistic about its future, down from 35%.
In contrast, Solana is gaining traction among investors, with around 14% of respondents expressing optimism about its growth prospects, up from approximately 12% in the previous survey. This increasing interest in Solana coincides with recent technological advancements and its growing market presence.
The survey also revealed that digital assets now represent 3% of the average investment portfolio, the highest level recorded since the survey’s inception in 2021. This increase is largely attributed to the introduction of US spot Bitcoin ETFs, which have facilitated direct exposure to Bitcoin for institutional investors.
Despite the positive influx of institutional capital into cryptocurrencies like Solana, the report highlights significant barriers to broader adoption. Regulation remains a primary concern, with many investors citing it as a key obstacle to further investment in the asset class. Butterfill noted:
“Regulation remains stubbornly high as a barrier, yet it’s encouraging to see that concerns over volatility and custody continue to diminish.”
The survey also revealed that while investor interest in distributed ledger technology remains high, the perception of cryptocurrencies as a good value investment has increased significantly. From January to April, the percentage of investors who view digital assets as “good value” jumped from under 15% to over 20%, driven by increasing client demand and positive price momentum.
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