Cardano rises to prominence as institutional inflows to ADA investment products soar in the CoinShare weekly inflow charts even as the major digital assets including Bitcoin and Ethereum who continued to wane in prices and experienced massive outflows in the crypto industry. Cardano persisted, and saw mass inflows up to $10 million, as reported by CoinShares.
Amidst the wave of environmental FUD in the crypto market, many institutional managers purchased $10 million worth of ADA products last week, according to CoinShares report. The report stated the implications of Cardano’s high inflow record as evidence that investors and institutional managers are now leaning towards the concept of the proof-of-stake coin due to the growing environmental concerns that crypto has. It affirms the rapid growth of proof-of-stake assets.
The environmental concerns of mining crypto are the latest highlight of the industry and are the main issue associated with mining cryptocurrency. The environmental concerns further add to the cause of the crypto market crash with several altcoins experiencing massive outflows, except Cardano.
According to CoinShare’s previous report on May 17, Cardano’s inflows totaled about $6 million. In the year-to-date report, ADA investment products have reached $24 million in institutional assets. Cardano is currently trading at $1.53, rising up 17% since its weekly opening.
As Cardano sees inflows, Bitcoin, the most dominant cryptocurrency in the market, continues to languish. CoinShare’s previous report showed BTC experiencing $115 million outflows. In the recent report, Bitcoin reported $111 million outflows alongside Ethereum experiencing $12.6 million outflows.
Bitcoin’s institutional assets have drawn $4.13 billion in the year-to-date report, while Ethereum recorded $924 million. Bitcoin’s crash resulted in panic-selling of altcoins including Ether and Cardano. ADA was one of the top-performing cryptos in the market before the crash, and currently growing at a steady pace as the market recovers.
