Polkadot and Cardano Investments Attract $10 Million Worth of Inflows

It has been recently revealed that Polkadot and Cardano have attracted $10 million worth of cryptocurrency inflows last week. Cryptocurrency investment products reported net outflows of around $97 million last week, and despite the overall outflows, these two assets posted a notable jump in the institutional inflows.

Polkadot and Cardano Cryptocurrency Investment Products saw Record Inflows

In accordance with the latest digital asset fund flows report that has been published by the leading market aggregators, the cryptocurrency investment products have witnessed outflows for the second consecutive week after Bitcoin reported $111M worth of outflows in the last week.

Talking further about the investment products related to the second-largest cryptocurrency, Ethereum, they have witnessed minor outflows of around $12.6 million after record-breaking inflows of $924 million since the beginning of this year.

As mentioned in the report:

“Digital asset investment products saw net outflows for the second consecutive week totaling US$97m, another new record for outflows. The outflow remains low, representing only 0.2% of total assets under management (AUM). All other cryptocurrency assets (coins other than Bitcoin) saw continued positive sentiment with inflows across the board totaling US$27m.”

Mentioning the inflows data in Cardano, the report revealed:

“Cardano saw the largest inflows of US$10m, which may represent investors actively choosing proof of stake coins based on environmental considerations.”

Crypto Market Correction and Liquidations

The overall market capitalization of the crypto space has recently witnessed a notable fall in the last few days. 

On May 12, the crypto market managed to reach the all-time high of $2.5 trillion and after that, it fell down to the level of $1.25 trillion.

Massive liquidations came along with the latest correction in the crypto market, and as the market has stabilized a bit since yesterday, the overall market cap of cryptocurrencies now stands at $1.63 trillion.

Cardano and Polkadot are up more than 10% and 17% respectively whereas the leading cryptocurrency Bitcoin is being traded at the level of $38K.