Institutional investors have lowered their bets on investment products offering them exposure to Cardano ($ADA) and to multiple cryptocurrencies while increasing their bets on products offering exposure to the flagship cryptocurrency Bitcoin ($BTC).
According to CoinShares’ Digital Asset Fund Flows report, cryptocurrency investment products saw $81 million worth of inflows last week, leading to the fifth consecutive week of inflows, totaling $500 million for that period, equal to 1.6% of total assets under management.
July, the firm wrote, represents the “strongest set of monthly inflows so far this year totalling US$474m, almost correcting all of the June outflows which totalled US$481m.” CoinShares’ report details that the majority of inflows were from North America with the majority being from Canada, while Brazil and Sweden saw minor outflows. Germany and France saw minor inflows.
The report details that multi-asset investment products saw outflows for the second consecutive week, totaling $3.7 million. Cardano investment products saw outflows of $700,000, while their month-to-date flows for July stood at $800,000. Year-to-date, ADA investment products saw $12.6 million in inflows.
Other altcoins saw minor inflows. Solana saw $1.5 million in inflows, which brought its year-to-date inflows to $114 million, while Litcoin saw $100,000 inflows. Polkadot investment products saw $400,000 inflows, while products focusing on Ethereum saw $1.1 million in inflows.
The report added:
Despite a more bullish mood in digital assets, trading activity remains very low, with last week’s volumes totalling US$1.3bn compared to this years weekly average of US$2.4bn.
As CryptoGlobe has been reporting, several bullish predictions have been made for a number of cryptocurrencies. A popular cryptocurrency analyst has, for example, suggested that Ethereum ($ETH), the second-largest cryptocurrency by market capitalization, could unexpectedly surge toward $5,000 as we get closer to the upcoming Merge upgrade.
Earlier this month, a panel of cryptocurrency industry experts predicted that the price of Cardano will explode to $2.93 by 2025, and to $6.53 by 2030, although experts believe that by the end of the year, the cryptocurrency will trade at just $0.63.
Featured image via Pixabay
Source: Read Full Article