Digital asset manager CoinShares is revealing that institutional capital is piling into Cardano and Polkadot as Bitcoin and the crypto markets march toward all-time highs.
In a new report, CoinShares says that inflows into digital asset products totaled $80 million last week. Bitcoin (BTC) accounted for 87.5% with $70 million in inflows, which also marked the fifth consecutive week of inflows for the top crypto.
Aside from Bitcoin, Cardano (ADA) and Polkadot (DOT) also stood out from the crowd with impressive inflows, while Ethereum (ETH) saw minor outflows.
“Polkadot and Cardano saw continued inflows totaling US$3.6m and US$2.7m respectively, while Ethereum saw minor outflows totaling US$1m.”
CoinShares says that while recent BTC inflows have been lower than during the first quarter of the year, the U.S. Securities and Exchange Commission (SEC) approving a Bitcoin futures exchange-traded fund (ETF) could significantly boost inflows.
“The weekly inflows remain much lower than inflows seen in the first quarter of 2021, where there was much greater participation by US investors.
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.”
The past week of inflows combined with price appreciation has reportedly brought CoinShares’ total assets under management to an all-time high.
“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.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Vadim Sadovski