There are some optimistic predictions about the fate of three important altcoins. Check out the latest reports about the digital assets below.
ADA, SOL, XRP see massive money inflows
According to CoinShares, a digital assets manager, there are some exceptions to the current negative trend in institutional investments.
Cardano (ADA), Solana (SOL), and XRP products are standing out as positive performers. CoinShares’ Digital Asset Fund Flows Weekly Report indicates that investors are generally feeling less optimistic, with outflows over eight of the last nine weeks amounting to over $450 million.
In the past week alone, digital assets saw outflows of $54 million, which marks the fifth consecutive week of outflows.
Last week, digital asset investment products experienced outflows amounting to US$54 million, marking the fifth consecutive week of such activity.
Over the past nine weeks, there have been outflows in eight of them, totaling US$455 million, causing year-to-date net inflows to drop to just US$51 million.
According to CoinShares, much of the outflow activity can be traced back to the United States. As expected, Bitcoin (BTC), the leading cryptocurrency by market cap, suffered the most significant outflows.
Last week, there were significant outflows of US$45m from Bitcoin, which accounted for 85% of the total outflows. The previous week’s short-bitcoin inflows were short-lived, as evidenced by the outflows of US$3.8m last week.
Despite this, Bitcoin remains the most popular investment product, with inflows of US$12m for the month so far.
On the other hand, Ethereum (ETH) products saw significant outflows of almost $5 million last week. Binance Coin (BNB) and Polygon (MATIC) also experienced outflows of $0.3 million each.
However, not all altcoins experienced losses. Inflows totaling $0.7 million, $0.4 million, and $0.1 million were recorded for Solana (SOL), Cardano (ADA), and XRP products, respectively.
Stay tuned for more reports from the crypto space and make sure to check out the latest numbers in the markets.
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