{"id":164421,"date":"2022-09-27T23:39:29","date_gmt":"2022-09-27T23:39:29","guid":{"rendered":"https:\/\/precoinnews.com\/?p=164421"},"modified":"2022-09-27T23:39:29","modified_gmt":"2022-09-27T23:39:29","slug":"cardano-ada-investment-products-see-eight-consecutive-week-of-inflows-as-institutions-raise-altcoin-bets","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/altcoins\/cardano-ada-investment-products-see-eight-consecutive-week-of-inflows-as-institutions-raise-altcoin-bets\/","title":{"rendered":"Cardano ($ADA) Investment Products See Eight Consecutive Week of Inflows as Institutions Raise Altcoin Bets"},"content":{"rendered":"
Cryptocurrency investment products offering investors exposure to Cardano ($ADA) have seen their eighth consecutive week of inflows, with an additional $100,000 being invested into these products last week.<\/p>\n
Year-to-date, according to CoinShares\u2019 Digital Asset Fund Flows Weekly Report, Cardano has seen $14.4 million of inflows, making it more popular than other altcoins including Litecoin ($LTC), which saw $2.8 million of inflows over the same period, and $XRP, which saw $9 million of inflows. \u00a0Earlier this month, institutional investor bets on ADA quadrupled in a single week.<\/p>\n
The report details that digital asset investment products saw $8.3 million of inflows in total last week, with turnover for these products remaining half of the weekly average for this year, at $! Billion.<\/p>\n
Bitcoin saw inflows of $2.6 million, but month-to-date its outflows total $.4 million. Ethereum, the second-largest cryptocurrency by market capitalization, saw $6.9 million in flows, although month-to-date products offering $ETH exposure are down $70.7 million. Year-to-date, $BTC has seen $264 million in inflows and $ETH $366.9 million in outflows.<\/p>\n
Investment products offering exposure to multiple cryptocurrencies remain a popular alternative for investors, who have put in $227.3 million into these products so far this year. Solana appears to be the most popular altcoin after Ethereum, with $115.6 million of inflows.<\/p>\n
Notably, bets against BTC dropped by $5.1 million last year, although short Bitcoin products have seen year-to-date inflows top $118 million. Both $BNB and $TRX investment products saw outflows yar-to-date of $21 million and $3.6 million respectively.<\/p>\n
As CryptoGlobe reported, popular crypto trader and market analyst Micha\u00ebl van de Poppe has shared the \u201cultimate area\u201d to buy the native token of smart contract platform Cardano, $ADA, after the network underwent its highly-anticipated Vasil hard fork.<\/p>\n
The analyst noted that looking at Cardano\u2019s chart it\u2019s \u201clooking like we\u2019re accumulating,\u201d and pointed out that the \u201cultimate area to buy from is the region at $0.30-0.375.\u201d<\/p>\n