Cardano Sees Highest Ever Weekly Inflow Into $ADA Investment Products

According to a report released on Monday (August 30) by CoinShares, which is Europe’s largest digital asset investment firm, last week, Cardano investment products had their highest weekly inflow ever.

CoinShares’ Digital Asset Fund Flows Weekly report is “a brief synopsis covering investment inflows and outflows in popular ETPs, mutual funds, and OTC trusts referencing bitcoin, ether and other digital assets.”

The latest version of this report, which came out on Monday, said that while Bitcoin “saw outflows for the 8th consecutive week with outflows totalling $3.8m”, Cardano “saw inflows totalling $10.1m… its largest on record…”

According to data by TradingView, on crypto exchange, currently (as of 16:20 UTC on September 1), $ADA is trading around $2.8384, up 2.35% in the past 24-hour period, which does not look all that impressive until you consider that $BTC is up only around 0.16% during the same period.

However, if you look at a longer timeframe, $ADA’s performance looks a lot more impressive. In the year-to-date (YTD) period, ADA-USD is up an incredible 1,517%.

Earlier today, pseudonymous crypto analyst and influencer “KALEO” said that he believes $ADA will soon break through the $3.00 level.

A few hours ago, Nicolas Di Prima, Lead Engineer at blockchain startup dcSpark, gave an interview to the Cardano Live podcast, during which he talked about his company’s sidechain project (i.e. Milkomeda).

https://youtube.com/watch?v=K7JYQLWwcqc%3Fstart%3D262%26feature%3Doembed

As CryptoGlobe reported on August 26, this project will allow EVM-compatible smart contracts to be executed from the Cardano mainnet. Furthermore, the Milkomeda project promises in future to deliver interoperability between Cardano and other layer one (“L1)”) blockchains, such as Solana.

Finally, the next major milestone for Cardano, which is the Alonzo hard fork going live on the Cardano Public Testnet, is expected to occur around 20:20 UTC today (September 1). And of course, on September 12, the Cardano community can look forward to the Cardano Mainnet hardworking into the Alonzo era.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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