By Solomon Odunayo
Digital Assets Manager, CoinShares, has revealed that institutional investors are increasingly buying Cardano (ADA), Polkadot (DOT), and XRP, as the crypto market strives to regain its surging momentum following the massive crash of the past weeks.
In a new report, CoinShares pointed out that investors are adding more positions to their crypto holdings in the midst of price instability in the crypto market.
Read Also: Exit Scam: DeFi100 Coin Shuts Down, Runs Away With $32 Million in Investors’ Funds
According to the report, crypto investment products recorded a net inflow of $74 million a week ago, after two weeks of massive outflows of relatively $151 million.
CoinShares pointed out that proof-of-stake coins are one of the most popular assets among crypto buyers with ADA, DOT, and XRP attracting inflows worth $5.2 million, $3.8 million and $4.5 million, respectively last week.
However, data shows that Ethereum (ETH), the second-largest cryptocurrency by market cap, attracted relatively 27% of the inflows last week, which seats at $47 million.
Read Also: Cardano (ADA) Flawlessly Beats Bitcoin, Gold, and Banking System In Terms Of Energy Efficiency
The report reads in part as follows:
“Investment product flows indicate that altcoins remain popular with inflows into all altcoin investment products.”
Within the same timeframe, the flagship digital currency recorded outflows of $4 million.
In total, the amount of Cardano (ADA), Polkadot (DOT), and XRP under management (AUM) is valued at $27 million, 41 million, and 45 million respectively.
Read Also: Charles Hoskinson: Ethereum Is Actually Killing Itself, Cardano Is Leading the Fight
However, Bitcoin (BTC) is leading others with over $30 billion in AUM, followed by Ethereum (ETH) with $11.82 billion.
Follow us on Twitter, Facebook, Telegram, and Download Our Android App