2 years ago
102 Crypto investment products had a consecutive week of inflows of $24 million last week, but Bitcoin (BTC) remains in the outflow zone. As demand for BTC weakens, Cardano and Ethereum have been dominating inflows to institutional crypto investments.
Data from the Digital Asset Fund Flows weekly report stated that investments in altcoin products have increased by 14.3%
When it comes to the most favored asset among institutional investors, Ether took the lead with a weekly inflow of $17.2 million.
Last week, Cardano attracted considerable institutional investment after it hit an all-time high of almost $3 on 24 August.
Cardano Hits Record Level Of Inflows
According to a report from Coinshares, Cardano investment products hit $10.1 million, which is a record level of inflows for the third-largest cryptocurrency by market cap.
Other crypto assets with impressive inflows last week include Solana and Polkadot, with Bitcoin taking a back seat when it comes to investment inflows. The top crypto asset was rather had an investment outflow worth $3.8 million last week. It has recorded outflows in 14 of the last 15 weeks, totaling $650 million.
The recent impressive institutional performance in cryptocurrency investment products has been because of the market sentiment of altcoins.
Another market outflow for Bitcoin
It’s surprising that as Bitcoin struggles with inflows, altcoins are hitting new levels in the same institutional market. It has now maintained its outflows for the eighth consecutive week
Cardano, Ethereum, and Solana had investment inflows of $30 million from primarily institutional investors last week. Apart from Cardano, Solana also hit an all-time high this month when it comes to price action. On the other hand, Ethereum has gained nearly 30% within the past few weeks.
Ethereum has a total inflow of $17 million last week, but its market share is still the same at 25%. Polkadot and Solano saw inflows of $1.5 million and $2.7 million, respectively last week.
