Institutions Gobbling Up Cardano and Two Additional Altcoins During Crypto Market Plunge: CoinShares

Institutions Gobbling Up Cardano and Two Additional Altcoins During Crypto Market Plunge: CoinShares


Digital assets manager CoinShares says institutional investors are buying Cardano (ADA), XRP and Polkadot (DOT) as the crypto market struggles to recover from a massive correction.

In a new report, the firm says that investors are adding positions to their crypto holdings amid the widespread plunge in the prices of digital assets.

 

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The report shows cryptocurrency investment products recorded a net inflow of $74 million last week after two weeks of record outflows worth $151 million. 

Data shows that Ethereum (ETH) attracted $47 million worth of investments in that period, accounting for nearly 27% of the inflows last week. 

CoinShares adds that proof-of-stake coins are the other most popular assets among crypto buyers with ADA, DOT and XRP attracting inflows worth $5.2 million, $3.8 million and $4.5 million, respectively last week.

“Investment product flows indicate that altcoins remain popular with inflows into all altcoin investment products.”

In the same time frame, Bitcoin witnessed outflows of $4 million.

Overall,

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