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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

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

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