Monday, December 6, 2021

CoinShares: Cardano, Solana Keep Gaining Institutional Inflows While Ethereum Loses

Based on a report released by CoinShares, an institutional asset manager, crypto funds have continued to release money into cryptocurrency, raking in over $226 million over the last week.

Obviously, Bitcoin (BTC), the most popular cryptocurrency, has the largest share of the notable inflows. This can be attributed to the narrative about United States securities regulators potentially approving a futures-based Bitcoin exchange-traded fund, which has also been aiding the rise in the price of the digital currency.

Read Also: CoinShares: Ethereum and Cardano Dominate Inflows to Institutional Crypto Investment Products

Minor Inflows into Cardano (ADA) and Solana (SOL)

As Bitcoin (BTC) tops inflows ranking, Solana (SOL) and Cardano (ADA) also recorded minor inflows.

According to CoinShares, Solana and Cardano recorded $12.5 million and $3 million inflows respectively.

Read Also: New Collaboration to Enable Cardano Integrate Chainlink Oracles for Real-Time Market Data

CoinShares: Cardano, Solana Keep Gaining Institutional Inflows While Ethereum Loses

But the reverse is the case for Ethereum (ETH), the second-largest cryptocurrency by market capitalization. Based on the institutional asset manager’s report, Ethereum funds lost $14 million, plummeting 25% from the beginning of September.

Other digital currencies such as XRP, Polkadot (DOT), Litecoin (LTC), among others, are also in the red.

Read Also: Cardano’s Daedalus Wallet with Alonzo Support and Countdown to Alonzo Upgrade Released

According to the latest update, Grayscale Investments, the world’s largest crypto asset manager currently has $49.5 billion worth of digital assets under management.

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Tobi Loba
Tobi Loba is a passionate writer with over 3 million readers from all over the world. She graduated from a reputable university. She joined the crypto ecosystem about two years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects.

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