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. The week prior, Cardano inflows were $5 million and Ethereum inflows were $31.4 million.
The newly recorded Solana (SOL), Polkadot (DOT), and XRP inflows are $9.8 million, $5.2 million and $3.1 million, respectively.
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.
“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.”
Bitcoin (BTC) is below all-time highs in current value and weekly investment inflow, slipping in market dominance, according to the firm.
“Bitcoin saw the majority of inflows totaling $98 million, pushing [assets under management] to a record $56 billion.
This is despite its dominance (relative performance) versus altcoins waning over the week.”
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.
“Although flows have been positive recently, we have witnessed subdued volumes in 2H, averaging $750 million daily versus $960 million in 1H 2021.”
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.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/Tithi Luadthong/FotograFFF
This news is republished from another source. You can check the original article here