CoinShares: Institutional Money Moving to ADA & XLM, Instead of BTC & ETH
Cardano’s (ADA) blockchain platform and open-source blockchain payment platform Stellar Lumens (XLM) are capturing the attention of institutional investors, according to a report by digital asset investment firm CoinShares.
In a recent report on the digital asset markets, CoinShares unveils that while many assets are bleeding institutional money, ADA and XLM are receiving positive inflows from big investors.
The past week Cardano saw inflows of $1.7 million and XLM saw inflows of $1 million, according to the firm.
Cardano’s USD price is down 7% over the past seven days. XLM is also in red territory, falling over 11% on the week at time of writing.
In the same week, CoinShares adds that Ethereum saw total outflows of $12.7 million and Bitcoin saw outflows of $10 million. ADA and XLM funds are up, despite the entire digital asset investment product suite seeing outflows of $21 million.
On the month, most crypto funds are in the positive, except for Bitcoin which has seen $156.8 million worth of outflows month-to-date.
As institutional money appears to be escaping the market, the entire crypto sector is down 4% on the day, according to CoinGecko, with a $1.52 trillion valuation.
