Solana, Terra, and Avalanche are included among the top 10 cryptocurrencies by market capitalization.
According to a Monday report from digital asset manager CoinShares, Avalanche (AVAX), Solana (SOL), Terra (LUNA), and Algorand (ALGO) were altcoins that saw notable investor inflows over the past week.
CoinShares says the week saw a slowdown in outflows from institutional investment products, driven largely by renewed interest in altcoins.
“Altcoins remain in focus among investors, with noteworthy inflows to Avalanche, Solana, Terra, and Algorand of approximately $1.8 million, $80,000, $70,000, and $20,000 respectively.” the firm states in the latest Digital Asset Fund Flows Weekly report.
Other altcoin products—including those tied to Binance, Ripple, Tron, and Litecoin—experienced little change over the week.
Ethereum posts a third consecutive week of outflows
Despite negative sentiment that dominated the crypto market last week, overall outflows slowed significantly. CoinShares reports the industry recorded total outflows of $7.2 million for the week ending April 22. By comparison, total outflows a week earlier were $97 million.
For example, Solana experienced $27 million in outflows, which CoinShares attributes to profit-taking trades.
While digital asset investment products as a whole saw only modest outflows last week, Ethereum presented a different picture.
The report notes that weekly flows into funds targeting the second-largest cryptocurrency by market cap reached a total negative $16.9 million, bringing Ethereum’s outflows for the month to $57 million and year-to-date outflows to $169 million.
Bitcoin records $2.6 million in inflows
Bitcoin managed to stem the broader negative trend by recording modest inflows, with funds focused on the flagship cryptocurrency attracting $2.6 million from institutional investors.
However, due to recent market weakness, Bitcoin’s flows for the month remain negative, around -$178 million. Year-to-date cumulative flows for BTC-related investment products are about $252 million.
Across crypto investment products, there were $219 million in outflows over the past three weeks, while year-to-date cumulative flows remain positive at $389 million.
The Digital Asset Fund report tracks flows from major crypto investment product providers such as Grayscale, ETC Group, ProShares, 3iQ, and CoinShares itself. These providers issue numerous institutional-focused crypto products across the U.S., Europe, and other global markets.