Cardano Records Eighth Consecutive Week with Positive Funds Flow
Categories: Crypto News
Cardano RecordsEighth Consecutive Week with Positive Funds Flow
CoinShareshas published its weekly fund flow report for crypto products, markingthe eighth consecutive week for Cardano with positive flows. Last week, whichput Cardano under the Vasil hard fork label, brought in an influx of$100,000 in blockchain-focused crypto products.
ComparingCardano's month-on-month and year-on-year figures, it turns out to be positivehere as well. For example, inflows increased by $700,000 in a month and by$14.4 million in a year.
In additionto Cardano, XRP saw small positive flows. Larger infusions of funds wereseen in Bitcoin- and Ethereum-focused crypto products. After two weeksof large outflows amid a network merger, Ethereum-oriented funds raised almost$7 million. As for Bitcoin, for the first time in weeks, inflows into the maincryptocurrency came amid outflows from Short Bitcoin funds betting on its fall.
Cryptocurrency-orientedfunds today
While thepast week as a whole marked the second consecutive week of positive funds flowsinto crypto products at $8.3 million, one cannot ignore the extremely largemonth-on-month outflows, which amounted to almost $53 million. However, theyear-on-year situation is clearly better, and if CoinShares data is to bebelieved, cryptocurrency exchange-traded funds have inflows of $436 million.
As notedby crypto analysts,investors prefer to invest in multi-token products in tough times for financialmarkets. Investors from Germany and Switzerland are the most enthusiastic,while Americans do not share their view of the crypto market.
Gamzagraduated with a degree in finance and credit with a specialization insecurities and financial derivatives. He then also completed a master's programin banking and asset management.He wants to have a hand in covering economicand fintech topics, as well as educate more people about cryptocurrencies andblockchain.