By Solomon Odunayo
According to the weekly digital asset fund flows report recently released by the digital asset manager CoinShares, Cardano (ADA), the 5th largest cryptocurrency by market capitalization had the largest fund inflows over the past week.
Going by the report, while many cryptocurrencies, including Bitcoin (BTC), were experiencing massive fund outflows, Cardano (ADA) recorded $10 million inflows.
Read Also: Hoskinson: Cardano Is 1.6M More Energy Efficient Than Bitcoin. Could Elon Musk’s Tesla Consider ADA?
In the report, CoinShares pointed out that it’s obvious that investors actively chose Cardano (ADA), a proof-of-stake powered crypto, based on environmental consideration.
The issue with the effect of the carbon footprint of Bitcoin mining on the environment initiated by the CEO of Tesla, Elon Musk, is still a hot topic within the cryptocurrency ecosystem.
The recent record marks the second week in a row when Cardano (ADA) saw massive fund inflows, while others falter. According to CoinShares weekly report released on 17th May, ADA recorded a total of $6 million fund inflows.
Read Also: Cardano Foundation: About 900 Companies Interested To Work with Cardano Are in the Pipeline
At the time of filing this report, Cardano (ADA) is trading at $1.57, with a relatively 14% price uptrend in the 24 hours.
Bitcoin (BTC) Experienced the Largest Fund Outflows
Contrariwise, Bitcoin (BTC), the largest digital currency by market capitalization, experienced the largest fund outflows in two consecutive weeks.
According to the 17th May report by CoinShares, Bitcoin (BTC) experienced outflows of a total of $115 million. The situation of the flagship cryptocurrency has not improved this week either as stated by CoinShares.
Over the past week, Bitcoin recorded $111 million fund outflows, indicating that investors were massively selling off or moving their assets to other available options.
Read Also: Cardano Creator: Cryptocurrency Is Going to Eat the Banks
Bitcoin (BTC) started to experience a significant price downtrend, taking other coins along, after Elon Musk announced that Bitcoin holders can no longer purchase Tesla cars directly. However, the market is seemingly getting back to normal after long devastating days.
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