Institutional Investors Show Interest In Cardano, Triggering 300% Surge
31 Luglio 2024 - 3:30AM
NEWSBTC
Cardano (ADA) has witnessed a massive 300% surge in Exchange Traded
Product (ETP) inflows. The unexpected influx of capital from
institutional investors could set the stage for a potential uptrend
ahead of the Chang hard fork. Cardano Inflows Skyrocket
300% On July 29, CoinShares, a leading firm in the crypto ETP
industry, released a weekly report on the fund flows of various
digital assets. According to CoinShares, digital asset investment
products saw a relatively muted inflow of approximately $245
million in the last week. Related Reading: Technical
Indicators Show Strong Bitcoin Bullishness – New ATH On The
Horizon? Among the list of digital assets which recorded new flows,
Bitcoin (BTC) recorded the largest increase in inflows. The pioneer
cryptocurrency experienced a healthy inflow of $519 million,
achieving a month to date inflows of $3.6 billion. More
impressively, Cardano recorded a surge in inflows into its ETP,
totaling approximately $1.2 million. This massive inflow surge
represents a whopping 300% addition from the previous week.
Furthermore, Cardano’s strong performance has effectively placed it
second among all crypto ETPs. Sharing a “Flows by Asset”
chart of Cardano and various other prominent cryptocurrencies,
CoinShares reports that institutional investors have invested a
total of $11 million into Cardano-oriented investment products.
Additionally, Cardano’s month to date inflow has seen about $2.4
million. During its report, CoinShares also revealed that the
launch of Ethereum Spot Exchange Traded Funds (ETFs) witnessed some
of the largest inflows since December 2020. This also led to newly
issued ETFs experiencing a staggering $2.2 billion in inflows while
trading volumes in Ethereum (ETH) rose by 542%. In the case
of Cardano, following its 300% surge in ETP inflows, the price of
the cryptocurrency witnessed a slight rebound from previous bearish
trends. Following a surge to about $0.8 some time in March 2024,
Cardano’s price has been undergoing a corrective phase, declining
below the $0.4 price mark. With the Chang hard fork underway
following the deployment of Cardano node 9.1.0, the market
sentiment surrounding the cryptocurrency has been somewhat more
positive. Analysts like ‘Sssebi’ on X (formerly Twitter) have
deduced that Cardano was the most undervalued asset amongst the top
10 cryptocurrencies. The analyst disclosed that investors should
remain bullish on Cardano, predicting upsides for the
cryptocurrency. Update On ADA Price Analysis Despite
experiencing constant declines in its price over the past few
months, Cardano has steadily consolidated around the $0.4 price
level, underscoring the cryptocurrency’s strength and resilience
during unfavorable market conditions. CoinMarketCap reports reveal
that the cryptocurrency is currently trading at $0.4, reflecting a
4.34% decrease in the last 24 hours. Related Reading: Solana
Confirms Upside Breakout With Bullish Pennant – Here’s The Target
Analysts like Sssebi continue to maintain a bullish outlook for the
cryptocurrency, anticipating future price increases during the bull
cycle. According to Sssebi, Cardano is set to outperform in the
crypto market, catalyzed by its booming ecosystem consisting of
hundreds of Decentralized Applications (DApps). Featured
image created with Dall.E, chart from Tradingview.com
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