The institutional inflows coming into Cardano investment products increased sharply during last week. This comes at a time when the interest in Ethereum and Bitcoin is waning, thereby highlighting the rise in growth of certain assets amidst the recent series of environmental FUD inside the cryptocurrency markets.
Cardano And Polkadot Reported A Jump In Weekly Inflows
The Environmental FUD, responsible for the decline in the price of Bitcoin, appears to be all over the cryptocurrency market these days. During the week which ended on 24th May, the investment managers of various institutions bought Cardano(ADA) products for around $10M. This report was confirmed by CoinShares. The investment funds of Cardano attracted huge capital, more than any digital asset.
During a similar week, Bitcoin funds witnessed a $110.9M outflow. The outflows of Ether amounted to $12.6M. CoinShares stated that investors poured around $7.1M into investment products and $5.5M into funds of Polkadot. The investment products of ADA have managed to draw a total of $24M in terms of institutional assets.
Whereas, Ether has drawn $924M in terms of institutional assets and Bitcoin has drawn $4.13 bn in terms of institutional assets. Cardano witnessed the biggest inflows, which amounted to a total of US$10M. It makes it easier for investors to choose stake coins actively based on the conditions of the environment. The flash crash of Bitcoin last week sparked a huge sell-off inside the cryptocurrency market. Due to this, Cardano, Ether, and other altcoins hit new local lows! Last week, the volume on the exchange of Bitcoin rose to $155 bn. This is a new high for Bitcoin. On Monday, a little bit of recovery activity was seen inside the cryptocurrency markets.
