According to CoinShares’ latest disclosure, Cardano (ADA) has become a leading player in the cryptocurrency market with an impressive 500% increase in investment inflows over the last week. The report on cryptocurrency investment products revealed that the value of investments linked to Cardano reached an impressive $1 million milestone, indicating a notable change in investor attitude towards the 10th largest digital asset by market capitalization.
After a long spell of no activity, where investment in Cardano-related products saw little change during the past week with no inflows or outflows reported, there has been a sudden increase in funding. This surge is particularly noteworthy as only two weeks ago, around early April, Cardano Exchange Traded Products (ETPs) had attracted a small investment of approximately $200,000.
Starting in 2024, a sum of $7 million has been invested in Cardano-related products. This has made ADA token a significant player among the leading altcoins. Despite facing tough competition from coins like Solana (SOL) and Binance Coin (BNB), Cardano continues to hold its own in the market.
Cardano’s Exchange-Traded Product (ETP) market presents a rich selection of investment opportunities from well-known providers like 21Shares, WisdomTree, CoinShares, and ETC Group. This variety demonstrates the increasing interest in Cardano among both institutional and individual investors.
In recent weeks, there have been successive withdrawals from digital asset investment totaling $206 million. This, along with a decrease in exchange-traded product (ETP) trading volumes, indicates a decreasing interest from investors.
It’s believed that uncertainty around the Federal Reserve’s position on interest rates might be behind this muted market feeling. The belief that rates will stay elevated for an extended period may be discouraging investors from being more enthusiastic.
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2024-04-22 17:22