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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Cardano, Solana Lead Altcoins As Market Sees Record Inflows

Best Owie
Best Owie
3 years ago
3 mins read
Picture of a Cardano logo next to a Solana logo

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Cardano and Solana have led the charge of altcoins in the recent round of inflows into the crypto market. Altcoins saw increased inflows alongside bitcoin, which had seen increasing interest from investors after the first bitcoin ETF had been approved and began trading last week. Last week recorded the highest amount of institutional inflows coming into the market.

Institutional investors are now upping their stake in the market with the recent gains recorded across the market. Most notably has been the price of bitcoin which had broken a new all-time high following the trading of the first bitcoin ETF. The ETF had been released with much success as over $1 billion had been traded within the first 24 hours of the ETF being released. CoinShares released a report showing that institutional investors are not relenting with their investments.

Bitcoin Leads Market Inflows

Although altcoins had seen inflows into both assets last week, bitcoin had once again led the market inflows. The record-breaking inflows saw $1.47 billion flow from institutional investors into the market, and bitcoin accounted for a large portion of it. The amount marked the largest inflows in the space of a week in the market.

Related Reading | Yieldly’s CEO Says Interoperability In DeFi Is More Important Than A Market-Leading Blockchain

Bitcoin has led inflows in the previous weeks and this past week was no exception. Bitcoin inflows made up 99% of the total institutional inflows. The digital asset alone saw inflows total $1.45 billion last week. Most of this came from trading in the approved bitcoin ETFs that began trading last week.

Additionally, the digital asset saw inflows totaling $138 million into bitcoin products in other regions. CoinShares also reported that there had been records of profit-taking in the market but the volume was inconsequential in contrast to the total inflows.

Cardano, Solana Lead Their Peers

Cardano and Solana recorded the highest inflows for the week for altcoins. Leading altcoin Ethereum had recorded a 3rd consecutive week of outflows from the digital asset, suggesting waning faith in Etheruem. However, other altcoins picked up the slack in this regard.

Cardano price chart from TradingView.com

ADA price slows above $2 | Source: ADAUSD on TradingView.com

Although nowhere near the inflows recorded by top cryptocurrency bitcoin, Cardano and Solana managed to hold their own in the market. Solana took the lead for the altcoin with the highest inflows with a total of $8.2 million for the week. Cardano also recorded a positive week of inflows with a total of $5.3 million flowing into the digital asset.

Related Reading | New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options

Binance also saw a positive week of inflows. However, the asset recorded inflows in volumes much smaller than its peers. Binance saw a total of $1.8 million of institutional inflows in the past week.

The inflows recorded last week bring the total asset under management (AuM) to a new record of $79.2 billion, with a weekly closing of $76.7 billion. Total inflows for the year have now surpassed the record set in 2020 of $6.7 billion with two months left to go in the year.

Featured image from Medium, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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