Institutions Gobbling Up Cardano and Two Additional Altcoins During Crypto Market Plunge: CoinShares
Digital assets manager CoinShares says institutional investors are buying Cardano (ADA), XRP and Polkadot (DOT) as the crypto market struggles to recover from a massive correction.
In a new report, the firm says that investors are adding positions to their crypto holdings amid the widespread plunge in the prices of digital assets.
The report shows cryptocurrency investment products recorded a net inflow of $74 million last week after two weeks of record outflows worth $151 million.
Data shows that Ethereum (ETH) attracted $47 million worth of investments in that period, accounting for nearly 27% of the inflows last week.
CoinShares adds that proof-of-stake coins are the other most popular assets among crypto buyers with ADA, DOT and XRP attracting inflows worth $5.2 million, $3.8 million and $4.5 million, respectively last week.
“Investment product flows indicate that altcoins remain popular with inflows into all altcoin investment products.”
In the same time frame, Bitcoin witnessed outflows of $4 million.
Overall, the amount of ADA, DOT and XRP under management (AUM) is valued at $27 million, $41 million and $45 million, respectively.
Bitcoin (BTC) remains on top with over $30 billion in AUM, followed by ETH with $11.82 billion.
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Article reposted on Markethive by Jeffrey Sloe