According to a leading digital asset management firm, global payments platform Cardano (ADA) is witnessing a surge in institutional investments.<\/p>\n
In a new report from CoinShares, ADA nearly tied institutional Ethereum (ETH) inflows last week, bringing its total year-to-date amount to $108,000,000.<\/p>\n
Ethereum inflows totaled $17.3 million last week, with Cardano right behind at $16.4 million. The week prior, Cardano inflows were $5 million and Ethereum inflows were $31.4 million.<\/p>\n
The newly recorded Solana(SOL),Polkadot(DOT), andXRP inflows are $9.8 million, $5.2 million and $3.1 million, respectively.<\/p>\n
With inflows coming into the market for a 13th consecutive week, CoinShares says that recent price rallies may have attracted more institutional capital into the space.<\/p>\n
Digital asset investment products saw inflows totaling US$151m last week, the 13th consecutive week of inflows, bringing year-to-date inflows to a record US$9bn. Intra-week prices rises also saw total assets under management (AuM) reach record highs of nearly US$87bn, but closing the week at US$83bn.<\/p>\n
Bitcoin (BTC) is below all-time highs in current value and weekly investment inflow, slipping in market dominance, according to the firm.<\/p>\n
Bitcoin saw the majority of inflows totaling $98 million, pushing [assets under management] to a record $56 billion.<\/p>\n
This is despite its dominance (relative performance) versus altcoins waning over the week.<\/p>\n
Despite the overall digital asset investment product market welcoming inflows worth over $151 million last week, CoinShares notes that these numbers are subdued volumes compared to earlier this year.<\/p>\n
Although flows have been positive recently, we have witnessed subdued volumes in 2H, averaging $750 million daily versus $960 million in 1H 2021.<\/p>\n
Last week, CoinShares revealed that decentralized blockchain Tron (TRX) seemingly came out of nowhere to catch institutional interest. This week TRX saw net outflows, according to the firm.<\/p>\n
Featured Image: Shutterstock\/Tithi Luadthong\/FotograFFF<\/p>\n
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See more here: According to a leading digital asset management firm, global payments platform Cardano (ADA) is witnessing a surge in institutional investments. In a new report from CoinShares, ADA nearly tied institutional Ethereum (ETH) inflows last week, bringing its total year-to-date amount to $108,000,000. Ethereum inflows totaled $17.3 million last week, with Cardano right behind at $16.4 million. Continue reading
\nInstitutional Investors Leap Into Cardano and Ethereum As Bitcoin Market Dominance Drops: CoinShares - The Daily Hodl<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"