Cardano (ADA), a popular cryptocurrency, is seeing a significant increase in investments, indicating a promising future for the digital asset. In contrast, Bitcoin (BTC) experienced a decrease in investments amounting to $621 million last week, as per a CoinShares report released on June 17.
The report highlighted the shift in investments, with a focus on outflows from Bitcoin and inflows into altcoins like Cardano. Data showed that Cardano received $0.7 million in investments last week, while Bitcoin saw outflows of $621 million. Additionally, there was a rise in inflows of $1.8 million in short bitcoins.
The Cardano community is buzzing with excitement and optimism about upcoming updates and enhancements to the network, anticipating a potential surge in blockchain technology.
Other altcoins also saw significant investments, with Ethereum (ETH), LIDO, and XRP receiving $13 million, $2 million, and $1 million, respectively.
Cryptocurrency investment funds experienced the largest outflows since March during the recent FOMC meeting. According to the CoinShares report, digital asset investment products saw a total outflow of $600 million last week, the highest since March 22, 2024.
The report attributed the market activity to a more aggressive FOMC meeting than expected, leading investors to reduce their exposure to fixed supply assets. As a result, total assets under management (AuM) fell from over $100 billion to $94 billion during the week.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
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