Institutional funds flow into ADA and XLM, while net sales go to BTC and ETH
The emerging blockchain platform Cardano (ADA) and the open source blockchain payment platform Stellar Lumens (XLM) are attracting the attention of institutional investors, according to CoinShares.
In one report CoinShares, new to the crypto market, has shown that while many institutional assets are being sold on a net basis, ADA and XLM are receiving positive inflows from large investors.
Last week, Cardano received inflows of $ 1.7 million and XLM of $ 1 million, according to the company.
The ADA / USD pair has been flat for the week, down 1.5% over the past seven days. XLM has been bleeding more at the time of writing, up more than 7% a week.
That same week, CoinShares added that Ethereum sold for $ 12.7 million and Bitcoin sold for $ 10 million net. ADA and XLM funds are growing despite the total loss of the digital asset investment product being $ 21 million.
For the month, most crypto funds are positive, with the exception of Bitcoin, which has lost $ 156.8 million so far this month.
According to CoinGecko, the entire crypto sector fell 4% that day as institutional money was pulled from the market, at a valuation of $ 1.52 trillion.
According to Dailyhodl