Main navigation

Cardano’s ADA Sees $1.3 Million Inflows from Financial Institutions, Exceeding XRP, XLM, DOT

Advertisement
Wed, 18/08/2021 - 11:54
Cardano’s ADA Sees $1.3 Million Inflows from Financial Institutions, Exceeding XRP, XLM, DOT
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Advertisement

According to the recent report published by CoinShares asset managing firm, institutional investors lately have been more interested in ADA than in other top-line altcoins and its majesty Bitcoin.

$1.3 million inflows into the native crypto of the Cardano blockchain have surpassed the funds invested in Ripple’s XRP, its rival XLM and DOT.

Institutions keep converting cash to ADA, invest $46 million in XRP

CoinShares report published on August 16 shows that ADA has seen a total of $1.3 million inflows over the past week from hedge funds and other financial institutions via the company.

Advertisement

In the past month, they have invested $2.1 million in Cardano’s native cryptocurrency and the year-to-date volume of inflows constitutes a whopping $39 million. A total of ADA under the CoinShares’ management amounts to $47 million.

The leader in outflows so far remains the flagship cryptocurrency Bitcoin. In the past week, $22 million has been withdrawn from CoinShares’ BTC products and $54.9 over the past month.

Institutions have invested $0.4 million in Stellar’s XLM in the past week and the past month, put $1.1 million in XRP over the past thirty days and $46 million in the past month.

Related

Cardano’s preparing to launch smart contracts

As reported by U.Today previously, Cardano plans to release a functionality for launching smart contracts on September 12 as part of the approaching Alonzo hard fork.

At the moment, at least six crypto exchanges are already preparing to support the long-expected hard fork that will allow developers to launch smart contracts on Cardano.

According to CoinGecko, ADA is the 3d biggest cryptocurrency among the top ten coins at the moment.

However, at the moment it has declined to the $1.97 level, according to the data shared by CoinMarketCap.

Last week, it surpassed the $2 price mark on the anticipation of the announcement of the date when the smart contracts feature will be rolled out. This week, it was also just 9 percent away from surpassing its $2.46 all-time high reached in May this year.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD