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Institutional Money Pours Into Bitcoin, Cardano, And Polkadot | CryptoGazette

CoinShares


The mass adoption of digital assets has been one of the most important goals that the crypto industry has set. There have been a lot of moves made in this direction, and they continue.

Bitcoin, Cardano, and Polkadot expectations

As we already said before, institutional money is key to achieving this goal, and institutions are pouring money into three projects these days They are Bitcoin, Cardano, and Polkadot.

The online publication the Daily Hodl notes that the digital asset manager CoinShares notes that institutional capital is currently pouring into Cardano and Polkadot as Bitcoin.

All of this is happening while the crypto markets march toward all-time highs.

In a brand new report, CoinShares reveals that inflows into digital asset products totaled $80 million last week.

Bitcoin (BTC) accounted for 87.5% with $70 million in inflows.

CoinShares

The same report notes the fact that aside from Bitcoin, Cardano (ADA), and Polkadot (DOT), 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 noted that the BTC inflows have been lower during Q1 but now after the SEC approved a BTC ETF and this could boost inflows soon.

“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 report  continued and noted the following:

“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.”

Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the green and the king coin is currently priced at $62,085.23.

There are all kinds of optimistic predictions about the prices of digital assets and the king coin as well. Following recent moves that gave been taking place in the crypto space, the crypto industry is expecting to see BTC reach new ATHs soon.



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