Cardano Records Largest Weekly Inflows As Institutional Investors Pounce on Altcoins: CoinShares
Institutional investors are showing greater interest in Cardano (ADA) as the smart contract platform records its largest weekly inflows.
According to a new report from digital asset management firm CoinShares, Cardano’s market share is on the rise after a substantial influx of capital from institutional investors.
“Cardano saw inflows totaling $10.1 million this week, its largest on record, bringing its market share to 0.15%.”
Year-to-date, Cardano has witnessed its institutional investments surging to $55 million, nearly doubling its value in just a few weeks.
CoinShares adds that altcoins are on the up and up and are closing in on all-time highs in terms of assets under management (AUM).
“Altcoins (including Ethereum) now represent 32% of total digital asset AuM, close to the record 35% set in mid-May this year and surpassing the 30% highs seen in January 2018.”
Among altcoins, Ethereum takes the lion’s share of the assets under management, approximately $14.27 billion or about a quarter of the digital asset market share.
“Ethereum saw inflows totaling $17 million last week with only 7 of the last 16 weeks seeing outflows. Ethereum’s market share remains stable at 25%.”
Smart contract blockchains Solana and Polkadot also recorded inflows of under $3 million each.
“Both Solana and Polkadot continued to see inflows of $2.7 million and $1.5 million respectively. Solana has overtaken Bitcoin Cash’s AuM and now totals US$15.7m.”
Binance Coin (BNB) and Ripple (XRP) went against the general altcoin trend and recorded outflows of $3.3 million and $300,000.
As for Bitcoin, CoinShares says institutions continue to move capital away from the leading cryptocurrency.
“Bitcoin saw outflows for the 8th consecutive week with outflows totaling $3.8 million. 14 out of the last 16 weeks have been outflows.”
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Author: Daily Hodl Staff
