The post Institutional Investors Show Interest In Cardano, Triggering 300% Surge appeared on BitcoinEthereumNews.com.

Cardano (ADA) has witnessed a massive 300% surge in Exchange Traded Product (ETP) inflows. The unexpected influx of capital from institutional investors could set the stage for a potential uptrend ahead of the Chang hard fork.   Cardano Inflows Skyrocket 300% On July 29, CoinShares, a leading firm in the crypto ETP industry, released a weekly report on the fund flows of various digital assets. According to CoinShares, digital asset investment products saw a relatively muted inflow of approximately $245 million in the last week.  Related Reading Among the list of digital assets which recorded new flows, Bitcoin (BTC) recorded the largest increase in inflows. The pioneer cryptocurrency experienced a healthy inflow of $519 million, achieving a month to date inflows of $3.6 billion.  More impressively, Cardano recorded a surge in inflows into its ETP, totaling approximately $1.2 million. This massive inflow surge represents a whopping 300% addition from the previous week. Furthermore, Cardano’s strong performance has effectively placed it second among all crypto ETPs.  Sharing a “Flows by Asset” chart of Cardano and various other prominent cryptocurrencies, CoinShares reports that institutional investors have invested a total of $11 million into Cardano-oriented investment products. Additionally, Cardano’s month to date inflow has seen about $2.4 million. During its report, CoinShares also revealed that the launch of Ethereum Spot Exchange Traded Funds (ETFs) witnessed some of the largest inflows since December 2020. This also led to newly issued ETFs experiencing a staggering $2.2 billion in inflows while trading volumes in Ethereum (ETH) rose by 542%.  In the case of Cardano, following its 300% surge in ETP inflows, the price of the cryptocurrency witnessed a slight rebound from previous bearish trends. Following a surge to about $0.8 some time in March 2024, Cardano’s price has been undergoing a corrective phase, declining below the $0.4…

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Filed under: News - @ July 31, 2024 10:32 am