Compared to the previous week, institutional investor wagers on Cardano-based investment products, which provide exposure to $ADA have doubled, while inflows to short Bitcoin products have increased dramatically.
According to CoinShares’ Digital Asset Fund Flows report, digital asset investment products had $63 million in withdrawals during the last week, marking the fifth consecutive week of outflows for these products. The business stated that withdrawals remain quite modest, with $99 million departing in the previous five weeks.
Despite this, weekly trading volumes have remained modest, at 46% of the average for the year, with $1 billion moved. Regionally, the business said that outflows were concentrated in Canada and the United States, while Europe had $7 million in inflows.
In terms of assets, the study indicates that Ethereum had roughly $62 million in withdrawals, despite increased confidence that the network’s Merge upgrade will occur later this week. According to CoinShares, the decline may indicate “anxiety among investors that the event may not happen as planned.”
Bitcoin had $13 million in withdrawals, while Binance Coin ($BNB) experienced $900,000. Short Bitcoin products, which profit on BTC price declines, lead the week’s inflows with $10.6 million.
Cardano ($ADA) topped altcoin inflows with $400,000 invested in products giving exposure to the cryptocurrency, compared to the previous week’s $100,000 inflows. As reported by CryptoGlobe, a prominent cryptocurrency expert stated earlier this month that $ADA may outperform the market as investors began utilising the smart contract network to hedge against Ethereum’s move from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus method.
Cardano-based financial products have garnered $14.1 million in inflows so far this year. Other altcoins, such as Solana ($SOL) and XRP ($XRP), also had inflows of $300,000 and $100,000, respectively, while multi-asset investment products experienced inflows of $200,000.
Also Read: Large ETH transactions to exchanges generate fears of a market dump
