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Cardano (ADA) and XRP Take Center Stage as Funds Flow In

Mon, 04/17/2023 - 14:50
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Gamza Khanzadaev
Traditional investors show bullishness toward Cardano (ADA) and XRP, as evidenced by fund flow data
Cardano (ADA) and XRP Take Center Stage as Funds Flow In
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Digital asset investment products experienced a surge in inflows last week, with a total of $114 million flowing in, according to a recent report from CoinShares. This marked the fourth consecutive week of inflows, bringing the total amount to $345 million. The strong inflows are a testament to improving sentiment toward the asset class.

Bitcoin continued to be the primary focus for investors, with inflows of $104 million. However, there was also a bullish trend toward XRP, as an additional $100,000 in funds were registered last week. This brought the total inflows for XRP this year to $3 million.

Cardano Marks Historic Milestone as Non-Custodial Wrapped BTC Mints on Network

One unexpected development was the sudden interest in Cardano (ADA) investment products. Inflows oriented to Cardano reached the $100,000 mark last week. The rise in interest in ADA coincided with the largest weekly increase in the price of the token since the beginning of the year, up 15.9%.

Traditional investors and digital assets

This news comes as the overall crypto market has been experiencing a period of upside. Despite the fluctuation, investors have remained optimistic about the long-term potential of digital assets. Traditional investors are also increasingly showing interest in cryptocurrencies, which could be contributing to recent inflows.

Overall, the strong inflows into digital asset investment products indicate a growing appetite for exposure to the cryptocurrency market. It remains to be seen whether this trend will continue, but the positive sentiment toward the asset class is certainly encouraging.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.