Cardano (ADA) has recently experienced a significant surge in Exchange Traded Product (ETP) inflows, with a staggering 300% increase in capital coming from institutional investors. This unexpected influx of funds has sparked optimism among market participants, potentially setting the stage for a bullish trend as the Chang hard fork approaches.
According to a report from CoinShares, a leading firm in the crypto ETP industry, digital asset investment products received approximately $245 million in inflows in the last week. Among the digital assets that saw new flows, Bitcoin (BTC) led the way with a substantial increase in inflows, totaling $519 million. Cardano, on the other hand, witnessed a remarkable surge in ETP inflows, amounting to around $1.2 million. This surge represents a significant milestone for Cardano, as it now holds the second position among all crypto ETPs in terms of investor interest.
Institutional investors have shown a strong interest in Cardano, investing a total of $11 million in Cardano-oriented investment products. Additionally, Cardano has seen inflows of about $2.4 million month to date, further solidifying its position as a promising investment option in the digital asset market. The positive sentiment surrounding Cardano is also reflected in its price performance, as the cryptocurrency experienced a slight rebound following the surge in ETP inflows.
With the Chang hard fork underway and the deployment of Cardano node 9.1.0, market sentiment towards Cardano has become more positive. Analysts like ‘Sssebi’ have identified Cardano as one of the most undervalued assets among the top 10 cryptocurrencies, suggesting that there is significant upside potential for the cryptocurrency. Despite facing price declines in recent months, Cardano has managed to consolidate around the $0.4 price level, showcasing its resilience and strength in challenging market conditions.
As of the latest data from CoinMarketCap, Cardano is currently trading at $0.4, reflecting a 4.34% decrease in the last 24 hours. Analysts like Sssebi maintain a bullish outlook for the cryptocurrency, projecting future price increases as the bull cycle progresses. The surge in ETP inflows and institutional interest in Cardano suggest that the cryptocurrency may be on the verge of a significant uptrend, making it an attractive investment opportunity for both retail and institutional investors alike.