As Bitcoin and the overall crypto market push towards new all-time highs, digital asset manager CoinShares said institutional capital Cardano (ADA) and Polkadot (DOT) It reveals that it flows into altcoins such as
According to a new report by CoinShares, inflows to digital asset products totaled $80 million last week. Bitcoin (BTC), with an inflow of 70 million dollars, constituted 87.5 percent of this total. This marked the fifth consecutive week that the top cryptocurrency has been cashing in.
Although Bitcoin accounts for the majority of entries; Cardano (ADA) and Polkadot (DOT) managed to stand out from the crowd with impressive entries. second largest cryptocurrency with a unit Ethereum (ETH) He had minor outages.
“Polkadot and Cardano saw sustained inflows of $3.6 million and $2.7 million respectively, while Ethereum witnessed minor outflows totaling $1 million.”
According to CoinShares, while recent BTC inflows are lower than in the first quarter of the year, the US Securities and Exchange Commission’s (SEC) approval of a Bitcoin futures exchange-traded fund (ETF) could increase inflows significantly.
“Weekly inflows are much lower than the inflows seen in the first quarter of 2021, when there was much more participation from US investors.
The SEC’s recent decision to allow a futures-based ETF could lead to more substantial entries in the coming weeks as U.S. investors start adding positions.”
The report also reported that CoinShares’ total assets under management have reached an all-time high as a result of recent inflows and price increase.
“These inflows, combined with positive price action throughout the week, pushed total assets under management (AuM) to a new high of US$72.3 billion, surpassing the record level of US$71.6 billion set in May this year.”
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.