Institutional Money Moving to Cardano and Stellar As Bitcoin and Ethereum Take a Breather: CoinShares
Emerging blockchain platform Cardano (ADA) and open-source blockchain payment platform Stellar Lumens (XLM) are capturing the attention of institutional investors, according to digital asset investment firm CoinShares.
In a new report on the digital asset markets, CoinShares unveils that while many assets are bleeding institutional money, ADA and XLM are receiving positive inflows from big investors.
The past week Cardano saw inflows of $1.7 million and XLM saw inflows of $1 million, according to the firm.
In the same week, CoinShares adds that Ethereum saw total outflows of $12.7 million and Bitcoin saw outflows of $10 million. ADA and XLM funds are up, despite the entire digital asset investment product suite seeing outflows of $21 million.
On the month, most crypto funds are in the positive, except for Bitcoin which has seen $156.8 million worth of outflows month-to-date.
As institutional money appears to be fleeing the market, the entire crypto sector is down 4% on the day, according to CoinGecko, with a $1.52 trillion valuation.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/YIUCHEUNG
The post Institutional Money Moving to Cardano and Stellar As Bitcoin and Ethereum Take a Breather: CoinShares appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff