Cardano (ADA), Solana (SOL) are increasingly seeing institutional bets. Here’s why.
After six straight weeks of outflows, digital asset investment products saw net inflows totalling $21 million.
The digital asset investment firm recently published a report for the week ending August 20, which recorded first inflows totaling $21 million, following a six-week run of outflows.
Solana recorded the highest weekly inflows
“Positive price action in recent weeks has now pushed total assets under management (AuM) to $57,3 billion, the highest since mid-May,” read the report, while indicating that “flows across product providers remained mixed, with some continuing to post outflows for the week while others in both North America and Europe posted inflows.”
While Bitcoin (BTC) witnessed its seventh straight week of outflows totaling $2.8 million, Ethereum (ETH) experienced minor inflows totaling $3.2 million last week as other altcoins, including Solana, Cardano, Litecoin (LTC) and Polkadot (DOT) also recorded millions pouring in.
Solana saw the biggest inflow last week, totaling $7.1 million, followed by another Ethereum competitor, Cardano, which attracted $6.4 million.
At the same time, Litecoin and Polkadot saw $1,8 million and $1,1 million of inflows respectively. Solana rallied last week and finally hit its all-time high of $81.44 on August 21.
The single-chain, delegated-Proof-of-Stake protocol, which became known as “high-performance” blockchain, has been experiencing growing awareness and popularity recently.
Cardano saw the highest monthly inflows
According to the report, Charles Hoskinson’s Cardano saw the largest inflows of any crypto on a month-to-date (MTD) basis.
With recording $8.6 million of inflows in a 30 day period ending August 20, Cardano outplayed Solana and Ethereum, which saw $7.1 million and $5.1 million of inflows respectively.
Cardano rallied 129.9% during the past 30 days and neared the $3 mark as it hit its all-time high at $2.96 on August 23.