Cardano Sees Investment Inflows Amid 6th Week Of Crypto Outflows

0
308


Digital asset investment products saw outflows of US$22 million last week — the sixth consecutive week of outflows, according to CoinShares, Europe’s largest digital assets fund manager.

Fast facts

  • Total outflows for the past six weeks amount to US$115 million and mark the longest run of consecutive outflows since January 2018, CoinShares reported. However, the scale of the outflows have been more muted, with outflows representing 0.2% of assets under management (AUM) compared to almost 5% in 2018.
  • The outflows come amid continued negative market sentiment and at a time of low investor participation due to seasonal effects, according to CoinShares Investment Strategist James Butterfill. “Sentiment appears to be recovering in the overall crypto market judging by recent price rises, this has pushed total investment product AUM to US$55 billion, rising 10% week-on-week,” Butterfill wrote.
  • Bitcoin — the largest cryptocurrency by market value — continued to see the largest share of outflows, with outflows of US$22 million last week. Ethereum also saw outflows of US$1.1 million, as did multi-asset investment products, which saw a minor outflow of US$0.3 million — the first time since June 2020, Butterfill wrote.
  • Cardano ADA investment products led inflows last week, with inflows of US$1.3 million. Cardano, on the cusp of completing its Alonzo series of upgrades, broke the US$2 mark this week for the first time since May, and has displaced Binance Coin to once again become the third largest cryptocurrency by trading volume, according to CoinGecko data.
  • Polkadot, which recently completed it first batch of parachain slot auctions, also saw minor inflows of US$0.4 million.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here