Beware of These Altcoins! Institutional Investors Focus On These Two Altcoins!
Digital asset manager CoinShares reveals that institutional capital is shifting towards Cardano and Polkadot as Bitcoin and crypto markets hit all-time highs .
Institutional Investors Prefer These Two Altcoins
In a new report, CoinShares says inflows to digital asset products totaled $80 million last week. Bitcoin (BTC) made up 87.5% with $70 million in entry, which also marks the fifth consecutive week of entry for top crypto.
Alongside Bitcoin, Cardano ( ADA ) and Polkadot ( DOT ) also stood out from the crowd with impressive entries, while Ethereum (ETH) saw minor exits.
“Polkadot and Cardano saw sustained inflows of $3.6 million and $2.7 million, respectively, while Ethereum saw minor outflows totaling $1 million.”
ETF Approval May Increase Entries
CoinShares says that although recent BTC inflows are lower than in the first quarter of the year, the US Securities and Exchange Commission ( SEC ) could significantly increase inflows by approving a Bitcoin futures exchange-traded fund (ETF).
“Weekly inflows are much lower than the inflows seen in the first quarter of 2021, with much higher participation from US investors.
The SEC ‘s recent decision to allow a futures-based ETF could lead to more significant entries in the coming weeks as U.S. investors start adding positions.”
On the other hand, last week, it was reported that the inflows, combined with the price increase, pushed CoinShares ‘ total assets under management to an all-time high.
“These inflows, combined with positive price action throughout the week, pushed total assets under management (AuM) to $72.3 billion, a record high, surpassing the previous record of $71.6 billion set in May this year.”