Cardano sees investment inflows in the middle of week 6 of crypto exits

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According to CoinShares, Europe’s largest digital asset fund manager, digital asset investment products posted $ 22 million outflows last week, the sixth consecutive week of releases.

Fast Facts Total exits over the past six weeks stand at $ 115 million and mark the longest running streak since January 2018, CoinShares reported. However, the magnitude of the outflows was more moderate, with outflows representing 0.2% of assets under management (AUM) against nearly 5% in 2018. The outflows occur in a context of still negative market sentiment and at a low moment of low investor participation due to seasonal effects, according to James Butterfill, CoinShares investment strategist. “Sentiment appears to be recovering across the crypto market as a whole judging by recent price hikes, this pushed the investment product’s total assets under management to US $ 55 billion, increasing 10% week to week, “Butterfill wrote. Bitcoin, the largest cryptocurrency by market value, went on to see the largest share of exits, with exits of $ 22 million last week. Ethereum also saw outflows of $ 1.1 million, as did multi-asset investment products, which saw a minor outflow of $ 0.3 million for the first time since June 2020, Butterfill wrote. Cardano ADA investment products led the entries last week, with entries of US $ 1.3. million. Cardano, on the verge of completing its round of Alonzo upgrades, crossed the US $ 2 mark this week for the first time since May, and moved Binance Coin to once again become the third largest cryptocurrency by volume. transactions, according to data from CoinGecko. Polkadot, which recently completed its first batch of parachain slots auctions, also recorded minor entries of US $ 0.4 million.

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