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Bitcoin and Cardano Skyrocket With 716% Increase in Fund Flows

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Mon, 20/05/2024 - 15:04
Bitcoin and Cardano Skyrocket With 716% Increase in Fund Flows
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In the latest weekly review of fund flows by CoinShares, digital asset investment products experienced a significant increase in inflows, totaling $932 million. This represents a 716% rise from the previous week's $130 million.

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The notable surge followed a lower-than-expected CPI report on Wednesday, with the last three trading days of the week, contributing 89% of total inflows, indicating a renewed link between crypto prices and interest rate expectations.

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Bitcoin (BTC) was the primary recipient of these inflows, underscoring its position as the leading cryptocurrency on the market. Bitcoin ETFs saw inflows amounting to $942 million over the week. 

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Source: CoinShares

The absence of significant interest in short positions on BTC suggests a positive investor outlook. To date, Bitcoin investment products have accumulated $13.85 billion in inflows since the beginning of the year.

Cardano soars into spotlight

Among altcoins, several digital assets also saw notable inflows. Solana, Chainlink and Cardano (ADA) stood out with inflows of $4.9 million, $3.7 million and $1.9 million, respectively.

Cardano's inflows are particularly significant as it saw no inflows the previous week but recorded nearly $2 million this week. This brings the total investment in Cardano ETPs to $10 million for the year, reflecting increased investor interest in this asset.

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On the other hand, Ethereum faced challenges with outflows totaling $23 million. This bearish sentiment is tied to uncertainties surrounding the SEC's approval of a spot ETF, causing cautious investor behavior.

With substantial inflows into Bitcoin and Cardano last week, the growing confidence among investors in these digital assets can be confidently asserted.

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