Cardano tops inflow charts
In their weekly digital asset fund flows report, CoinShares breaks down yet another week of massive outflows across the cryptocurrency industry. The report showed that last week, while many coins were experiencing continued outflows, Cardano saw inflows of $10 million.
The report posits that this is a result of “investors actively choosing proof of stake coins based on environmental considerations.”
Environmental issues have become a hot topic within the cryptocurrency world in recent months with many concerned about the effect that mining is having on the earth.
This marks two weeks in a row that, despite other digital assets suffering, ADA has seen strong inflows. In CoinShares’ May 17 report, Cardano totaled $6 million in inflows from the previous period.
Year-to-date, Cardano investment products have taken in $24 million in institutional assets. At the time of press, Cardano is trading at $1.53, up 17% since its weekly open.
Bitcoin still experiencing massive outflows
On the other hand, bitcoin suffered large outflows for a second straight week. In its May 17 report, CoinShares saw BTC experience outflows of $115 million total. This week, things aren’t much better, with a reported $111 million in outflows. This marked the second week in a row that BTC recorded over $100 million in outflows after last week’s record-breaking low mark.
Bitcoin hit another low mark last week when it saw inflow transactions to exchange wallets drop to less than 25,000. It was the worst daily number seen all year and comes on the heels of a new daily high set just last week.
The dip came after, among other things, Elon Musk announced that Tesla would no longer be accepting BTC as a payment method. The announcement came after major environmental concerns surrounding bitcoin and mining arose. Other negative stories that are contributing factors to this market dip are the Chinese crackdowns, and Hong Kong moving to ban retail crypto trading.
Bitcoin is now down around 34% since the monthly open and is trading at $38,475 after hitting an all-time high of $64,868 less than two weeks ago.