Saturday, December 3, 2022
HomeCrypto NewsMarketZero Weekly Inflow for XRP and Cardano (ADA) While Bitcoin (BTC) Leads...

Zero Weekly Inflow for XRP and Cardano (ADA) While Bitcoin (BTC) Leads with $8.8M

- Advertisement -
Follow-Us-On-Google-News

 

Bitcoin (BTC) records the highest weekly inflow in the latest CoinShares report, as XRP and ADA trail behind with zero.



Being the firstborn crypto, Bitcoin (BTC) has consistently maintained its dominance in the cryptocurrency space. While the bear market has not shown any respect for the asset’s lofty status, Bitcoin has persistently put up a decent fight against the bears. 

Despite BTC’s positive sentiments, the asset has seen inflows into investment funds in the past week despite worrisome market conditions when most digital assets are trailing behind.

CoinShares recently shared its Digital Asset Fund Flows Weekly Report for last week. The report revealed a cumulative inflow of $12M into digital asset funds in the past week. While this level of inflow is rather low compared to previous weeks, it beats other weeks that witnessed outflows from these funds.

Bitcoin reiterated its dominance in the digital asset space by taking the largest chunk of the total inflows, reaching $8.8M – 73% of the cumulative value of $12M. The recent inflow of $8.8M marked the fifth consecutive week of inflows BTC funds are seeing.

On the other hand, investors appeared to have been less inclined towards pumping funds into XRP and Cardano (ADA), as both assets saw zero flows. XRP’s good run hit a roadblock in October, as the asset saw outflows for the first time on OCT 3rd, before that, XRP was recording inflows for seven consecutive weeks. Cardano also met the same fate after eight consecutive weeks of positive flows.

Month-to-date (MTD) flows of Cardano remain flat at a value of $0, while XRP has seen a slight MTD outflow of $0.1M. Bitcoin, however, is still looking good, with MTD inflows totaling $21.5M. The king altcoin, Ethereum, appears to be seeing even more bearish sentiments than XRP and ADA, as it recorded outflows of $3.9M in the past week, with MTD outflows of $6.2M.

- Advertisement -
Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.