According to a leading digital asset management firm, a global payments platform Cardano (ADA)is witnessing an increase in institutional investment.
According to the new report from CoinShares, Cardano last week Ethereum (ETH) reached almost the same amount as its corporate entries, bringing its total year-to-date total to $108,000,000.
Last week, Cardano experienced $16.4 million in entries, lagging behind the second-largest cryptocurrency with 17.3 million entries. Cardano’s institutional inflows witnessed a huge increase compared to the previous week, while Ethereum showed a decrease; In the previous week, Cardano entries were only $5 million, while Ethereum entries were $31.4 million.
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Left (LEFT), Polkadot (DOT) and XRP Inflows were recorded at $9.8 million, $5.2 million and $3.1 million, respectively, recently.
With market entries arriving for the 13th week in a row, CoinShares has made a statement that recent price rallies may have attracted more institutional capital to the space.
“Digital asset investment products saw a total inflow of US$151 million last week, which means a 13th consecutive week of cash flow. Since the beginning of the year, entries have also reached a record US$9 billion. Weekday price increases and decreases also drove total assets under management (AuM) to record highs of approximately $87 billion, but closed the week at $83 billion due to price action.”
According to the firm, Bitcoin (BTC) remains below all-time highs in terms of current value and weekly investment inflows, signaling a loss of market dominance.
“Bitcoin has received most of the $98 million total inflows and [yönetim altındaki varlıkları] It pushed it to a new high of $56 billion.”
This is despite the fact that its dominance (relative performance) over altcoins has waned over the past week.”
Despite the overall digital asset investment product market receiving over $151 million in entries last week, CoinShares states these numbers are “simple volumes” compared to earlier this year.
“While price flows have been positive lately, we have witnessed low volumes of $960 million in the first half of 2021 versus a daily average of $750 million in the second half.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.