Institutional Investors Show Interest In Cardano, Triggering 300% Surge

Quick Summary:

The unexpected influx of capital from institutional investors could set the stage for a potential uptrend ahead of the Chang hard fork.   Cardano Inflows Skyrocket 300% On July 29, CoinShares, a leading firm in the crypto ETP industry, released a weekly report on the fund flows of various digital assets.

This also led to newly issued ETFs experiencing a staggering $2.2 billion in inflows while trading volumes in Ethereum (ETH) rose by 542%.  In the case of Cardano, following its 300% surge in ETP inflows, the price of the cryptocurrency witnessed a slight rebound from previous bearish trends.

Furthermore, Cardano’s strong performance has effectively placed it second among all crypto ETPs.  Sharing a "Flows by Asset” chart of Cardano and various other prominent cryptocurrencies, CoinShares reports that institutional investors have invested a total of $11 million into Cardano-oriented investment products.

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Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: ADA price ADA Adausd Cardano ADA news Cardano price ADAUSDT Cardano news

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-31 @ 01:30:40 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 461 words

Reading Time: 3 minutes read

Sentences: 69 lines

Sentence Length: 7 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 21865721

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