{"id":34993,"date":"2024-01-11T12:52:37","date_gmt":"2024-01-11T16:52:37","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=34993"},"modified":"2024-01-11T12:52:37","modified_gmt":"2024-01-11T16:52:37","slug":"is-cardano-the-next-solana-institutional-investors-clamor-for-ada-exposure","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/11\/is-cardano-the-next-solana-institutional-investors-clamor-for-ada-exposure\/","title":{"rendered":"Is Cardano The Next Solana? Institutional Investors Clamor For ADA Exposure"},"content":{"rendered":"

Crypto asset investment products started the year on a positive note, with Cardano making a comeback despite going on a price decline last week<\/a>. According to the latest digital asset fund flow from CoinShares<\/a>, crypto products saw total inflows of $151 million in the first week of 2024.\u00a0<\/p>\n

Unsurprisingly, a larger part of this inflow went into Bitcoin, with Ethereum closely following behind. However, Cardano products also picked up steam during the week, attracting notable inflows compared to other altcoins.\u00a0<\/p>\n

Cardano Attracting Institutional Altcoin Investors<\/h2>\n

Institutional investors poured a notable $3.7 million into Cardano-based investment products last week, far greater than its average in 2023. Aside from Ethereum, which received a $29.6 million net inflow, Cardano saw the most inflow among altcoins, followed by Avalanche with $2 million.<\/p>\n

Litecoin and XRP also saw modest inflows of $1.3 million and $0.9 million respectively, while multi-asset products received a net inflow of $5.4 million.\u00a0<\/p>\n

It would seem most of the attention Solana received in 2023 was diverted into Cardano in the week. According to previous weekly reports, Solana frequently saw the most weekly inflow<\/a> in the last quarter of 2023, even surpassing Bitcoin and Ethereum<\/a> at some point.\u00a0<\/p>\n

However, it would seem this sentiment failed to show itself in the first week of the year, as data from CoinShares showed Solana registered a net flow of $5.3 million. Similarly, Short Bitcoin products saw a net outflow of $1 million, pushing its total outflows over the last nine weeks to $7 million.<\/p>\n

As stated earlier, Bitcoin received the most inflows. Bitcoin started the year with a weekly net inflow of $113 million, and inflows over the last nine weeks representing 3.2% of assets under management. Blockchain equities have also had a good start to the year, seeing US$24m inflows over the last week.<\/p>\n

In terms of geographical location, the US saw the most activity. Exchanges in the country saw a weekly net inflow of $83 billion, representing 55% of the total inflow. Germany and Switzerland followed with $32.5 million and $24.9 respectively, representing 21% and 17% of the total inflow.<\/p>\n\n

What\u2019s Next For ADA?<\/h2>\n

The report from Coinshares attributes the inflow to proponents of spot Bitcoin ETFs who continue to push a bullish sentiment for the cryptocurrency pending approval in the US. Now that these ETFs have been approved<\/a>, it is up to the market to determine what they bring to the table.<\/p>\n

Cardano has also largely benefited from a steady growth<\/a> in its ecosystem, development activity<\/a>, and in DeFi. At the time of writing, Cardano (ADA) is trading at $0.5926. The crypto has outperformed most large market cap altcoins in the past 24 hours and is up by 15.55% in the timeframe. According to various predictions, Cardano (ADA) is set for a surge in 2024 with one analyst forecasting a price target of $6<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Crypto asset investment products started the year on a positive note, with Cardano making a comeback despite going on a price decline last week<\/a>. According to the latest digital asset fund flow from CoinShares<\/a>, crypto products saw total inflows of $151 million in the first week of 2024.\u00a0<\/p>\n

Unsurprisingly, a larger part of this inflow went into Bitcoin, with Ethereum closely following behind. However, Cardano products also picked up steam during the week, attracting notable inflows compared to other altcoins.\u00a0<\/p>\n

Cardano Attracting Institutional Altcoin Investors<\/h2>\n

Institutional investors poured a notable $3.7 million into Cardano-based investment products last week, far greater than its average in 2023. Aside from Ethereum, which received a $29.6 million net inflow, Cardano saw the most inflow among altcoins, followed by Avalanche with $2 million.<\/p>\n

Litecoin and XRP also saw modest inflows of $1.3 million and $0.9 million respectively, while multi-asset products received a net inflow of $5.4 million.\u00a0<\/p>\n

It would seem most of the attention Solana received in 2023 was diverted into Cardano in the week. According to previous weekly reports, Solana frequently saw the most weekly inflow<\/a> in the last quarter of 2023, even surpassing Bitcoin and Ethereum<\/a> at some point.\u00a0<\/p>\n

However, it would seem this sentiment failed to show itself in the first week of the year, as data from CoinShares showed Solana registered a net flow of $5.3 million. Similarly, Short Bitcoin products saw a net outflow of $1 million, pushing its total outflows over the last nine weeks to $7 million.<\/p>\n

As stated earlier, Bitcoin received the most inflows. Bitcoin started the year with a weekly net inflow of $113 million, and inflows over the last nine weeks representing 3.2% of assets under management. Blockchain equities have also had a good start to the year, seeing US$24m inflows over the last week.<\/p>\n

In terms of geographical location, the US saw the most activity. Exchanges in the country saw a weekly net inflow of $83 billion, representing 55% of the total inflow. Germany and Switzerland followed with $32.5 million and $24.9 respectively, representing 21% and 17% of the total inflow.<\/p>\n

What\u2019s Next For ADA?<\/h2>\n

The report from Coinshares attributes the inflow to proponents of spot Bitcoin ETFs who continue to push a bullish sentiment for the cryptocurrency pending approval in the US. Now that these ETFs have been approved<\/a>, it is up to the market to determine what they bring to the table.<\/p>\n

Cardano has also largely benefited from a steady growth<\/a> in its ecosystem, development activity<\/a>, and in DeFi. At the time of writing, Cardano (ADA) is trading at $0.5926. The crypto has outperformed most large market cap altcoins in the past 24 hours and is up by 15.55% in the timeframe. According to various predictions, Cardano (ADA) is set for a surge in 2024 with one analyst forecasting a price target of $6<\/a>.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34993","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34993"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34993\/revisions"}],"predecessor-version":[{"id":34999,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34993\/revisions\/34999"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34993"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}