Bitcoin’s position as the most popular cryptocurrency among institutional investors is facing a challenge, as fund managers increasingly favor Solana and Ethereum for growth potential, according to CoinShares’ latest survey.
The October 2025 fund manager survey shows Bitcoin experienced a sharp decline in the share of investors who view it as having the most compelling growth outlook. While Bitcoin remains the most preferred digital asset overall, 39% of respondents now favor Bitcoin for growth compared to approximately 55% in the previous survey. Meanwhile, enthusiasm for Solana jumped to 25% from around 12%, and Ethereum held steady at 31% compared to roughly 29% previously.
The change in investor preference comes as digital asset allocations in portfolios doubled to 1.8% since early 2022. Third-quarter inflows hit nearly $18 billion, and investors now focus more on diversification and blockchain technology rather than just speculation, according to the survey of 33 fund managers overseeing approximately $563 billion in assets.
Recent market swings have made investors more cautious about Bitcoin. Digital asset investment products saw outflows totaling $1.17 billion in the week ending November 8, with Bitcoin accounting for $932 million of that total, according to CoinShares fund flow data. The week prior saw Bitcoin outflows of $946 million after Federal Reserve Chair Jerome Powell said a December rate cut was “not a foregone conclusion.”
Solana bucked the trend with $118 million in inflows during the most recent week and $421 million the previous week, bringing year-to-date inflows to $3.4 billion, according to the reports. The strong performance shows growing institutional interest in cryptocurrencies beyond Bitcoin.
The survey showed diversification and client demand now rank as top investment reasons, followed closely by exposure to blockchain technology, according to the report. This marks a change from 2021, when speculation drove most investment decisions.
Political and regulatory risks remain top concerns for investors, with volatility and regulation cited as the main barriers keeping new investors out of the market, according to survey responses. The growing number of ETPs worldwide appears to be helping longer-term adoption despite these concerns.
Investors seeking exposure to these market shifts can access them through products the Coinshares Bitcoin ETF (BRRR), which provides direct Bitcoin exposure, while the CoinShares Bitcoin and Ether ETF (BTF) offers access to the two largest cryptocurrencies by market value.
For more news, information, and analysis, visit the Coinshares Content Hub.
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