Institutions Find Their Way to Cardano, Report Shows
Cryptocurrency Cardano (ADA) is seeing a surge in institutional investments as of late. According to a latest report from CoinShares, the sixth ranked cryptocurrency nearly beat institutional inflows of Ethereum (ETH) last week. Year-to-date Cardano has raised $108 Million from institutions.
Without surprise Bitcoin (BTC) was the most attractive asset for institutions last week with $97.5 million incoming, Ethereum came in second with $17.3 million last week and Cardano took the third spot just behind at $16.4 million.
Cardano’s Charles Hoskinson has recently concluded his tour around Africa, picking up opportunities in the continent for the Cardano project and blockchain technology in general. Hoskinson revealed that some announcements are in the pipeline.
I’m really loving how the roadmap for 2022 Cardano is coming together. It’s a living ecosystem, growing, refining, adapting, and becoming stronger. The technology is unbelievable and we have so many great innovations coming to meet the hundreds of projects building on Cardano
— Charles Hoskinson (@IOHK_Charles) November 12, 2021
Other notables in the report were Solana (SOL), Polkadot (DOT), and XRP with $9.8 million, $5.2 million and $3.1 million, respectively.
CoinShares contributes the rise of institutional capital to almost $90 billion this year to the recent price rally as many top cryptocurrencies reached new all-time highs.
“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.”
Currently trading below its all-time high and weekly investment flow records, Bitcoin (BTC) is slightly giving in market dominance, according to CoinShares.
“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.”
The report added:
“Although flows have been positive recently, we have witnessed subdued volumes in 2H, averaging $750 million daily versus $960 million in 1H 2021.
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Author: Peter Siu