Cardano’s Investment Products (ADA) Lead Weekly Crypto Entries With $ 1.3 Million In Bitcoin, Ethereum Loses $ 23 Million

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What happened: Institutions appear to have favored Cardano (CRYPTO: ADA) this week as altcoin saw inflows of $ 1.3 million, even as Bitcoin-focused funds (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) recorded significant exits.

According to data from CoinShares, digital asset investment products saw a sixth straight week of exits which amounted to $ 115 million.

Bitcoin registered $ 22 million in weekly exits, while Ethereum lost $ 1.1 million during the week.

Meanwhile, institutions have increased their exposure to Cardano. The native blockchain Proof-of-Stake (PoS) token saw the highest inflows over the past week, registering $ 1.3 million in weekly flows.

Polkadot (CRYPTO: DOT) and Stellar (CRYPTO: XLM) also recorded minor entries of $ 400,000 each.

Why it matters: ADA has risen 35% over the past seven days, briefly hitting a high of $ 2.25 on Monday. This week’s rally was the first time altcoin has crossed the $ 2 mark since May, when it hit an all-time high of $ 2.46.

The positive price action comes in anticipation of Cardano’s new round of upgrades that will bring smart contract functionality to the grid.

#Cardano #smartcontracts are coming …

We are on track to meet the scheduled HF dates for the testnet and mainnet upgrade #Alonzo, as Nigel indicated in last week’s update👇

A new era is expected to begin on Sunday, September 12, 2021 🌅 $ ADA pic.twitter.com/HrdrqYizhP

– Entry Exit (@InputOutputHK) August 17, 2021

The Alonzo Hard Fork is expected to be completed on September 12 and will go live on the testnet on September 1.

“Started filling the bids from 2.05 to 1.93 on $ ADA,” commented famous crypto trader Pentoshi.

“Alonzo HF has confirmed in 3 weeks the launch of smart contracts and the launch of many projects. The FA is there.

Also read: What is Cardano?

Based on its technical analysis, Pentoshi says ADA has been one of the strongest projects to date and new historic highs are just around the corner.

Something like 72% of the total supply of $ ADA is also in play, so easy to see demand> supply dynamics in the coming weeks.

– Pentoshi 🐧 Don’t DM Yourself (@ Pentosh1) August 17, 2021

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