Cardano and Polkadot Report Jump in Weekly Cryptocurrency Inflows

Financemagnates 1 year ago Report
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Cryptocurrency investment products reported net outflows of approximately $97 million last week. Despite the overall outflows, cryptocurrency assets like Cardano and Polkadot posted a significant jump in institutional inflows.

According to the latest digital asset fund flows report published by CoinShares, cryptocurrency investment products saw outflows for the second consecutive week after Bitcoin, the world’s most valuable cryptocurrency, reported $111 million worth of outflows during the last week.

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Ethereum-related investment products saw minor outflows of nearly $12.6 million after record-breaking inflows of $924 million since the start of 2021. Cryptocurrency Polkadot reported inflows of $5.5 million in the last week.

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“Digital asset investment products saw net outflows for the second consecutive week totaling US$97m, another new record for outflows. The outflow remains low, representing only 0.2% of total assets under management (AUM). All other cryptocurrency assets (coins other than Bitcoin) saw continued positive sentiment with inflows across the board totaling US$27m. Cardano saw the largest inflows of US$10m, which may represent investors actively choosing proof of stake coins based on environmental considerations,” CoinShares mentioned in the report.

CoinShares is one of the largest cryptocurrency asset managers around the world. The company’s ETPs reported record trading volumes on 19 May 2021, amid a significant jump in volatility across the crypto market.

Cryptocurrency Correction

The overall market cap of digital currencies experienced a significant dip in the last few days. The cryptocurrency market cap touched an all-time high of approximately $2.5 trillion on 12 May and reached a low of nearly $1.25 trillion on 24 May. The latest correction in the cryptocurrency market triggered massive liquidations. However, the market has stabilized since yesterday. As of writing, the overall value of digital currencies stands at around $1.63 trillion, a jump of 12% in the last 24 hours. Cardano is up by more than 10% while Polkadot gained approximately 17% within a single day. Bitcoin is currently trading near $38,000 with a market cap of over $700 billion.

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