Cardano, Solana Lead Altcoins As Market Sees Record Inflows
October 26 2021 - 7:00PM
NEWSBTC
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
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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. 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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