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Is Cardano The Next Solana? Institutional Investors Clamor For ADA Exposure
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Is Cardano The Next Solana? Institutional Investors Clamor For ADA Exposure

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Cardano

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Crypto asset investment products started the year on a positive note, with Cardano making a comeback despite going on a price decline last week. According to the latest digital asset fund flow from CoinShares, crypto products saw total inflows of $151 million in the first week of 2024. 

Unsurprisingly, a larger part of this inflow went into Bitcoin, with Ethereum closely following behind. However, Cardano products also picked up steam during the week, attracting notable inflows compared to other altcoins. 

Cardano Attracting Institutional Altcoin Investors

Institutional investors poured a notable $3.7 million into Cardano-based investment products last week, far greater than its average in 2023. Aside from Ethereum, which received a $29.6 million net inflow, Cardano saw the most inflow among altcoins, followed by Avalanche with $2 million.

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Litecoin and XRP also saw modest inflows of $1.3 million and $0.9 million respectively, while multi-asset products received a net inflow of $5.4 million. 

It would seem most of the attention Solana received in 2023 was diverted into Cardano in the week. According to previous weekly reports, Solana frequently saw the most weekly inflow in the last quarter of 2023, even surpassing Bitcoin and Ethereum at some point. 

However, it would seem this sentiment failed to show itself in the first week of the year, as data from CoinShares showed Solana registered a net flow of $5.3 million. Similarly, Short Bitcoin products saw a net outflow of $1 million, pushing its total outflows over the last nine weeks to $7 million.

As stated earlier, Bitcoin received the most inflows. Bitcoin started the year with a weekly net inflow of $113 million, and inflows over the last nine weeks representing 3.2% of assets under management. Blockchain equities have also had a good start to the year, seeing US$24m inflows over the last week.

In terms of geographical location, the US saw the most activity. Exchanges in the country saw a weekly net inflow of $83 billion, representing 55% of the total inflow. Germany and Switzerland followed with $32.5 million and $24.9 respectively, representing 21% and 17% of the total inflow.

Cardano price chart from Tradingview.com

ADA price at $0.59 | Source: ADAUSD on Tradingview.com

What’s Next For ADA?

The report from Coinshares attributes the inflow to proponents of spot Bitcoin ETFs who continue to push a bullish sentiment for the cryptocurrency pending approval in the US. Now that these ETFs have been approved, it is up to the market to determine what they bring to the table.

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Renowned Finance Author Says Bitcoin Price Is Headed For $150,000, Reveals Catalyst

1 year ago

Cardano has also largely benefited from a steady growth in its ecosystem, development activity, and in DeFi. At the time of writing, Cardano (ADA) is trading at $0.5926. The crypto has outperformed most large market cap altcoins in the past 24 hours and is up by 15.55% in the timeframe. According to various predictions, Cardano (ADA) is set for a surge in 2024 with one analyst forecasting a price target of $6.

Featured image from CriptoNoticias, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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