Cardano ($ADA) Investment Products See Eight Consecutive Week of Inflows as Institutions Raise Altcoin Bets
Cryptocurrency investment products offering investors exposure to Cardano ($ADA) have seen their eighth consecutive week of inflows, with an additional $100,000 being invested into these products last week.
Year-to-date, according to CoinShares’ Digital Asset Fund Flows Weekly Report, Cardano has seen $14.4 million of inflows, making it more popular than other altcoins including Litecoin ($LTC), which saw $2.8 million of inflows over the same period, and $XRP, which saw $9 million of inflows. Earlier this month, institutional investor bets on ADA quadrupled in a single week.
The report details that digital asset investment products saw $8.3 million of inflows in total last week, with turnover for these products remaining half of the weekly average for this year, at $! Billion.
Bitcoin saw inflows of $2.6 million, but month-to-date its outflows total $.4 million. Ethereum, the second-largest cryptocurrency by market capitalization, saw $6.9 million in flows, although month-to-date products offering $ETH exposure are down $70.7 million. Year-to-date, $BTC has seen $264 million in inflows and $ETH $366.9 million in outflows.
Investment products offering exposure to multiple cryptocurrencies remain a popular alternative for investors, who have put in $227.3 million into these products so far this year. Solana appears to be the most popular altcoin after Ethereum, with $115.6 million of inflows.
Notably, bets against BTC dropped by $5.1 million last year, although short Bitcoin products have seen year-to-date inflows top $118 million. Both $BNB and $TRX investment products saw outflows yar-to-date of $21 million and $3.6 million respectively.
As CryptoGlobe reported, popular crypto trader and market analyst Michaël van de Poppe has shared the “ultimate area” to buy the native token of smart contract platform Cardano, $ADA, after the network underwent its highly-anticipated Vasil hard fork.
The analyst noted that looking at Cardano’s chart it’s “looking like we’re accumulating,” and pointed out that the “ultimate area to buy from is the region at $0.30-0.375.”
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