Digital asset manager CoinShares revealing that institutional capital is pouring into Cardano and Polkadot. Especially, as Bitcoin and the crypto markets moves toward an all-time highs.
Furthermore, CoinShares notes that inflows into digital asset products amounts to $80 million. Notably, Bitcoin (BTC) amasses 87.5% increase with $70 million in inflows. This also signifies the fifth consecutive week of inflows for the top crypto.
Meanwhile, this inflow is not just for Bitcoin. Also, Cardano (ADA) and Polkadot (DOT) is seeing massive inflows. However, Ethereum (ETH) see slight outflows, according to CoinShares.
“Polkadot and Cardano saw continued inflows totaling US$3.6m and…”
“US$2.7m respectively, while Ethereum saw minor outflows totaling US$1m.”
However, CoinShares notes that the recent BTC inflows is lower than during the first quarter of the year. Hopefully, this will change as the U.S. Securities and Exchange Commission (SEC) will be approving a Bitcoin futures exchange-traded fund (ETF).
“The weekly inflows remain much lower than inflows seen in the first quarter of 2021,…”
“where there was much greater participation by US investors.”
More so, CoinShares Reveals,
“The recent decision by the SEC to allow a futures-based ETF…”
“could prompt further significant inflows in the coming weeks as US investors begin to add positions.”
Lastly, CoinShares total assets under management see an all time high with this past week’s inflows.
“These inflows, combined with positive price action over the week,..”
“have pushed total assets under management (AuM) to US$72.3bn,..”
“their highest level on record, surpassing the previous record of US$71.6bn…”
“set in May this year.”
Then, CoinShares Concludes.
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