Cardano left behind as bitcoin investment inflows soar

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Cardano was left trailing in the wake of bitcoin as the Securities and Exchange Commission (SEC) approved the first bitcoin exchange-traded fund (ETF) earlier this week.


Speculation had been mounting over the past few weeks that the US regulator was going to give the green light.


According to CoinShares, the SEC’s recent decision to approve a bitcoin ETF could also prompt further significant inflows in the coming weeks as American investors begin to add positions.


“These inflows, combined with positive price action over the week, have pushed total (crypto) assets under management (AuM) to US$72.3bn, their highest level on record, surpassing the previous record of US$71.6bn set in May this year,” CoinShares said.


Bitcoin, though, dominated inflows accounting for 87.5%, resulting in a total of US$70mln, marking the fifth consecutive week of inflows for the leading crypto.


Other cryptocurrencies seemingly suffered as a result.


Polkadot and Cardano saw inflows totaling US$3.6mln and US$2.7mln, respectively.


Another leading alt-coin Solana saw outflows of US$0.3mln.


Bloomberg ETF analyst Eric Balchunas predicted that a second bitcoin futures contract-based ETF, the Valkyrie Bitcoin ETF, will likely launch later this week after being certified for listing on the Nasdaq exchange last week.


Bitcoin rose just over 9% to US$62,500 in the week ending 19 October and was up another 2% today, according to coinmarketcap.com.


In the same weekly period, Cardano was down 0.5% on 19 October.

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