Bitcoin and Cardano are skyrocketing thanks to a 716% escalate in fund flows

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U.Today – In CoinShares’ latest weekly fund flow survey, digital asset investment products saw a significant escalate in inflows, totaling $932 million. This represents a 716% escalate over the prior week’s $130 million figure.

The significant gain followed a lower-than-expected CPI report on Wednesday, with the final three trading days of the week generating 89% of total inflows, pointing to a renewed link between cryptocurrency prices and interest rate expectations.

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(BTC) was the main recipient of these inflows, highlighting its position as the leading cryptocurrency in the market. $942 million flowed into Bitcoin ETFs during the week.

The lack of significant interest in BTC tiny positions suggests a positive outlook for investors. To date, year-to-date, Bitcoin investment products have accumulated $13.85 billion in inflows.

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Among altcoins, several digital assets have also seen significant inflows. , Chainlink and Cardano (ADA) stood out with inflows of $4.9 million, $3.7 million and $1.9 million, respectively.

Cardano’s inflows are particularly significant because it saw no inflows the previous week, but saw almost $2 million this week. This means that the total investment in the Cardano ETP will be $10 million per year, reflecting increased investor interest in this asset.

On the other hand, it faced outflow challenges totaling $23 million. This bearish sentiment is linked to uncertainty surrounding the SEC’s approval of a spot ETF, which is causing cautious investor behavior.

Given the significant inflow of funds into Bitcoin and Cardano last week, it is unthreatening to attest to investors’ growing confidence in these digital assets.

This article was originally published on U.Today

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