Cardano (ADA) has recently experienced a significant surge in Exchange Traded Product (ETP) inflows, with a massive 300% increase. This surge in institutional investor capital could potentially set the stage for an uptrend ahead of the Chang hard fork. CoinShares reported that digital asset investment products received around $245 million in inflows last week, with Bitcoin (BTC) recording the largest increase at $519 million.
Among the digital assets that saw new flows, Cardano stood out with a surge in ETP inflows totaling approximately $1.2 million, representing a 300% increase from the previous week. Cardano’s strong performance has propelled it to second place among all crypto ETPs, with institutional investors investing a total of $11 million in Cardano-oriented investment products. Additionally, Cardano has seen a month to date inflow of around $2.4 million.
CoinShares also highlighted the launch of Ethereum Spot Exchange Traded Funds (ETFs), which saw significant inflows and led to a rise in trading volumes for Ethereum (ETH). Following Cardano’s 300% surge in ETP inflows, the cryptocurrency’s price experienced a slight rebound after facing bearish trends and declining below the $0.4 price mark. The market sentiment surrounding Cardano has become more positive with the Chang hard fork underway and analysts like ‘Sssebi’ on X (formerly Twitter) identifying Cardano as the most undervalued asset in the top 10 cryptocurrencies.
Despite experiencing price declines in recent months, Cardano has shown strength and resilience by consolidating around the $0.4 price level. Currently trading at $0.4, Cardano has seen a 4.34% decrease in the last 24 hours. Analysts like Sssebi remain bullish on the cryptocurrency, predicting future price increases during the bull cycle. Sssebi believes that Cardano’s booming ecosystem of Decentralized Applications (DApps) will drive its outperformance in the crypto market.
In conclusion, Cardano’s impressive surge in ETP inflows and positive market sentiment surrounding the Chang hard fork have propelled the cryptocurrency to new heights. With institutional investors showing strong interest in Cardano-oriented investment products and analysts predicting future price increases, Cardano appears poised for a potential uptrend in the near future. Despite facing challenges in the past, Cardano’s strength and resilience in the face of unfavorable market conditions demonstrate its potential for growth and success in the evolving cryptocurrency landscape.
