Cardano’s ADA Sees $1.3 Million Inflows from Financial Institutions, Exceeding XRP, XLM, DOT
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.
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.
Digital assets investment products continue to see outflows, bringing the total 6 week run to $115M.
— CoinShares ?? (@CoinSharesCo) August 16, 2021
Bitcoin is the main release valve for investors, and multi-asset investment products continue to gain AUM.
Read the latest Fund Flows Report here ? https://t.co/MbvaGEUdwi pic.twitter.com/2A1RDbfjqs
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.
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 In the past week, $22 million has been withdrawn from CoinShares’ BTC products and $54.9 over the past month.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.
Alex DovbnyaCardano’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
Vladislav Sopov
Dan Burgin
Alex Dovbnya