Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Cardano (ADA) has witnessed a massive 300% surge in Exchange Traded Product (ETP) inflows. The unexpected influx of capital from institutional investors could set the stage for a potential uptrend ahead of the Chang hard fork.\u00a0\u00a0 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. According to CoinShares, digital asset investment products saw a relatively muted inflow of approximately $245 million in the last week.\u00a0 Related Reading: Technical Indicators Show Strong Bitcoin Bullishness \u2013 New ATH On The Horizon? Among the list of digital assets which recorded new flows, Bitcoin (BTC) recorded the largest increase in inflows. The pioneer cryptocurrency experienced a healthy inflow of $519 million, achieving a month to date inflows of $3.6 billion.\u00a0 More impressively, Cardano recorded a surge in inflows into its ETP, totaling approximately $1.2 million. This massive inflow surge represents a whopping 300% addition from the previous week. Furthermore, Cardano\u2019s strong performance has effectively placed it second among all crypto ETPs.\u00a0 Sharing a \u201cFlows by Asset\u201d 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. Additionally, Cardano\u2019s month to date inflow has seen about $2.4 million. During its report, CoinShares also revealed that the launch of Ethereum Spot Exchange Traded Funds (ETFs) witnessed some of the largest inflows since December 2020. This also led to newly issued ETFs experiencing a staggering $2.2 billion in inflows while trading volumes in Ethereum (ETH) rose by 542%.\u00a0 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. Following a surge to about $0.8 some time in March 2024, Cardano\u2019s price has been undergoing a corrective phase, declining below the $0.4 price mark. With the Chang hard fork underway following the deployment of Cardano node 9.1.0, the market sentiment surrounding the cryptocurrency has been somewhat more positive. Analysts like \u2018Sssebi\u2019 on X (formerly Twitter) have deduced that Cardano was the most undervalued asset amongst the top 10 cryptocurrencies. The analyst disclosed that investors should remain bullish on Cardano, predicting upsides for the cryptocurrency.\u00a0 Update On ADA Price Analysis Despite experiencing constant declines in its price over the past few months, Cardano has steadily consolidated around the $0.4 price level, underscoring the cryptocurrency\u2019s strength and resilience during unfavorable market conditions. CoinMarketCap reports reveal that the cryptocurrency is currently trading at $0.4, reflecting a 4.34% decrease in the last 24 hours.\u00a0 Related Reading: Solana Confirms Upside Breakout With Bullish Pennant \u2013 Here\u2019s The Target Analysts like Sssebi continue to maintain a bullish outlook for the cryptocurrency, anticipating future price increases during the bull cycle. According to Sssebi, Cardano is set to outperform in the crypto market, catalyzed by its booming ecosystem consisting of hundreds of Decentralized Applications (DApps).\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":632313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,89347,84005,14643,79508,12332,89230,12329],"class_list":["post-632268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-ada-news","tag-ada-price","tag-adausd","tag-adausdt","tag-cardano","tag-cardano-news","tag-cardano-price"],"acf":[],"yoast_head":"\n
Institutional Investors Show Interest In Cardano, Triggering 300% Surge<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n