Ethereum (ETH) rival Solana (SOL) is seeing a “dramatic increase” in professional investor allocations this year, according to a new survey conducted by the digital assets manager CoinShares.

CoinShares polled 64 investors worldwide who cover a combined $600 billion worth of assets under management.

The respondents include different investor types including wealth managers, hedge funds, institutions, family offices, financial advisors and individual investors.

Explains CoinShares,

“Investors have been broadening their exposure to altcoins, with Solana seeing a dramatic increase in allocations. Looking through the survey responses, this is due to a few large investors allocating, carrying more weight in the survey.

XRP has seen a significant decline, with none of the survey respondents holding it now.”

 

Digital assets represented an average of 3% of the respondents’ portfolios, the highest weighting since CoinShares’ survey began in 2021.

Explains the firm,

“Unsurprisingly, some of the largest contributors to this were allocation from institutional investors who finally had the ability to gain exposure to bitcoin via the US ETFs.”

CoinShares notes that investors who have refrained from purchasing digital assets cite regulation as the number one factor in their choice not to invest.

“We had expected this to fall, but it is clear from the survey there remain significant barriers to entry to the asset class for specific cohorts of investors – these are typically in the wealth management or institutional space.

Fewer investors believe digital assets lack a fundamental investment case.”

SOL is trading at $135.12 at time of writing. The fifth-ranked crypto asset by market cap is down over 6% in the past 24 hours.

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A recent survey shows that the public’s perception of Bitcoin’s future value is at a low in the wake of FTX’s high-profile collapse. 

According to survey results published by Morning Consult in the wake of FTX’s bankruptcy, US adults are expecting Bitcoin’s price to fall to $11,500 within the next six months. The price prediction represents a drop of close to $5,600 in expected price from just one month ago, and more than $15,500 from price predictions made at the beginning of 2022. 

The report argues that news of FTX’s collapse has “clearly shaken consumers’ faith” in Bitcoin, and even dampened expectations by crypto investors. While crypto holders polled in the survey were more optimistic with their price prediction, they still expect Bitcoin to rise only slightly within the next six months to a value of $17,500, which is the lowest value Morning Consult has captured in their surveys. 

Despite the drop in consumer confidence, more US adults surveyed expect crypto to be around in 10 years compared to those who see the industry going away. Crypto investors in particular were overwhelmingly in the camp that crypto will survive into the next decade. 

In addition, consumers were only slightly more hesitant to purchase crypto compared to polls prior to FTX’s collapse, with 21% of US adults saying they will buy crypto within the next month compared to 25% reporting the same in October. 

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