📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Cardano Comeback: ADA Inflows Surge as Bitcoin Sees $621 Million Outflow

Published 06/17/2024, 09:05 AM
Updated 06/17/2024, 12:30 PM
© Reuters.  Cardano Comeback: ADA Inflows Surge as Bitcoin Sees $621 Million Outflow
BTC/USD
-
ADA/USD
-

U.Today - In a striking turn of events on the cryptocurrency market, Cardano (ADA) is experiencing a significant surge in inflows, signaling a robust comeback for the digital asset. Meanwhile, Bitcoin, the largest digital asset, is witnessing a substantial outflow, with a staggering $621 million moving away from the cryptocurrency.

According to the most recent CoinShares report, digital asset investment products saw outflows of $600 million, the highest since March 22, 2024, owing to a more hawkish-than-expected FOMC meeting, which prompted investors to reduce their exposure to fixed supply assets. The outflows were entirely focused on Bitcoin, while a wide range of altcoins, including Cardano, saw inflows.

Cardano, on the other hand, received $0.7 million in inflows. This picture contrasts with the muted activity experienced on the broader altcoin market in the week preceding the last, during which Cardano saw no inflows.

Compared to Cardano's inflows, Bitcoin saw significant withdrawals, totaling $621 million. The $621 million outflow from BTC could indicate a shift in investor sentiment and a potential reallocation of funds on the cryptocurrency market.

As Cardano makes a comeback, attracting inflows, its price movement and market dynamics come into the spotlight. The Cardano community is excited about upcoming upgrades and enhancements to the Cardano network that could further boost its capabilities and appeal. Later on this year, Cardano will undergo one of its most historic upgrades, the Chang hard fork.

At the time of writing, ADA was down 2.38% in the last 24 hours to $0.404 as the crypto market saw selling pressure. In the coming days, broader market trends and investor sentiment toward cryptocurrencies might also play a significant role in shaping Cardano's price trajectory.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.