The data of CoinShares brought impressive discoveries, renewed investor interest in Altcoins such as Cardano (ADA) and Ethereum (ETH). The data demonstrates migration to Cardano, recording a considerable increase this week, nearly equaling the entry of Ethereum and bringing the total YTD value to $108 million.
Tickets for Ethereum totaled $17.3 million last week, followed by Cardano stabilizing at $16.4 million. A week earlier, Cardano’s entries were approximately $5 million, while Ethereum recorded steady entries of $31.4 million.
CoinShares further stated that the recent influx of capital into Cardano and Ethereum may have attracted more investors to invest in altcoins other than Bitcoin.
As revealed in the report:
Digital asset investment products reported inflows totaling $151 million last week, the 13th consecutive week of inflows, bringing year-to-date inflows to a record $9 billion. Price increases during the week also saw total Assets Under Management (AuM) reach record levels of nearly $87 billion, but ending the week at $83 billion.
The company also said the fluctuation in Bitcoin prices combined with the slow inflow of investments had affected its market dominance.
Bitcoin had the most entries, totaling $98 million, pushing for a record $56 billion. This is despite their dominance (relative performance) versus Altcoins having declined over the week.
Despite the positive entries that the overall digital asset investment products market has witnessed this week ($151 million worth), CoinShares informed that these numbers are “moderate” compared to the numbers seen earlier this year.
Recently reported prices for Solana, Polkadot and XRP inflows were reported at $9.8 million, $5.2 million and $3.1 million, respectively. The company has not yet identified the catalyst that contributed to the emergence of Cardano and Ethereum, but attributed the advance of such currencies to “increased positive investor sentiment for computer world currencies.”
Many financial experts in the past they have reiterated positive views towards Altcoin, while some have said it could be a better investment option than even Bitcoin.