Cryptocurrency Investment Products See Over $1 Billion Inflows in 7 Weeks
Last week, cryptocurrency investment products experienced a significant influx of $293 million, bringing their total 7-week inflows to over $1 billion. Notably, investment products focused on Solana (SOL) and Cardano (ADA) saw substantial inflows, while other altcoins experienced outflows.
Bitcoin and Ethereum Inflows
CoinShares’ latest Digital Asset Fund Flows report revealed that Bitcoin-focused investment products received an influx of $240 million from institutional investors last week, resulting in year-to-date flows of $1.08 billion. Ethereum also saw $49.1 million in inflows last week, although its year-to-date flows remain down by $58 million.
Solana and Cardano Investments
While multi-asset exposure products experienced outflows of $600,000, institutional investors heavily invested in Solana with $12.4 million flowing into related products. Similarly, Cardano-based investment products received $800,000 in inflows.
Growth of Solana and Cardano
Solana-focused products have seen year-to-date inflows reach $121 million, while Cardano-based products have received $8 million in investments so far this year. Solana recently surpassed the $54 mark for the first time since May 2022 after surging over 450% year-to-date. Meanwhile, whale activity on the Cardano network has surged to a six-month high, indicating potential growth for the cryptocurrency in November.
Hot Take: Solana and Cardano Poised for Growth
With significant institutional investments and positive market indicators, both Solana and Cardano are showing promising signs of growth. While Solana has seen impressive gains this year, Cardano’s price predictions suggest moderate growth for the rest of November based on historical data. With the potential for substantial gains in November, both cryptocurrencies offer exciting opportunities for investors.
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