Over the past week cryptocurrency investment products saw a total of $293 million in inflows, bringing their 7-week inflows over the $1 billion mark. Beyond BTC and ETH, investment products focusing on Solana (SOL) and Cardano (ADA) saw significant inflows, while other altcoins saw outflows.
According to CoinShares’ latest Digital Asset Fund Flows report, Bitcoin-focused investment products aw institutional investor pour $240 million into them last week, bringing their year-to-date flows to $1.08 billion. Ethereum, meanwhile, saw $49.1 million in inflows last week, but its year-to-date flows are still down $58 million.
While products offering exposure to multiple digital assets have seen $600,000 of outflows last weeks, institutional investors bet heavily on Solana, with $12.4 million going into products focusing on the cryptocurrency. Similarly, Cardano-based investment products saw $800,000 in inflows.
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These figures have seen Solana-focused products’ year-to-date inflows reach $121 million, while Cardano-based products have seen $8 million invested in them so far this year. As CryptoGlobe reported Solana has recently surpassed the $54 mark for the first time since May 2022 after surging more than 450% year-to-date.
On the Cardano network, on the other hand, whale activity has been surging to the point it recently reached a six-month high. As CryptoGlobe reported, Cardano price predictions suggest moderate growth for the rest of November.
Cardano’s ADA could nevertheless rise as much as 43.5% in November as historical data suggests that the cryptocurrency’s price could go up this month based on average returns, although its median return over the month suggests a potential decline of 2.5%.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2023/11/institutional-investors-pour-293-million-into-bitcoin-ethereum-solana-and-cardano-products/
