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Digital assets manager CoinShares says institutional investors are buying Cardano (ADA), XRP and Polkadot (DOT) as the crypto market struggles to recover from a massive correction.
In a new report, the firm says that investors are adding positions to their crypto holdings amid the widespread plunge in the prices of digital assets.
The report shows cryptocurrency investment products recorded a net inflow of $74 million last week after two weeks of record outflows worth $151 million.
Data shows that Ethereum (ETH) attracted $47 million worth of investments in that period, accounting for nearly 27% of the inflows last week.
CoinShares adds that proof-of-stake coins are the other most popular assets among crypto buyers with ADA, DOT and XRP attracting inflows worth $5.2 million, $3.8 million and $4.5 million, respectively last week.
“Investment product flows indicate that altcoins remain popular with inflows into all altcoin investment products.”
In the same time frame, Bitcoin witnessed outflows of $4 million.
Overall, the amount of ADA, DOT and XRP under management (AUM) is valued at $27 million, $41 million and $45 million, respectively.
Bitcoin (BTC) remains on top with over $30 billion in AUM, followed by ETH with $11.82 billion.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong
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