ADABitcoinCryptocurrency EducationEthereumNewsXRP

Is Cardano The Next Solana? Institutional Investors Clamor For ADA Exposure

2 Mins read

Crypto asset investment products started the year on a positive note, with Cardano making a comeback despite going on a price decline last week. According to the latest digital asset fund flow from CoinShares, crypto products saw total inflows of $151 million in the first week of 2024. 

Unsurprisingly, a larger part of this inflow went into Bitcoin, with Ethereum closely following behind. However, Cardano products also picked up steam during the week, attracting notable inflows compared to other altcoins. 

Cardano Attracting Institutional Altcoin Investors

Institutional investors poured a notable $3.7 million into Cardano-based investment products last week, far greater than its average in 2023. Aside from Ethereum, which received a $29.6 million net inflow, Cardano saw the most inflow among altcoins, followed by Avalanche with $2 million.

Litecoin and XRP also saw modest inflows of $1.3 million and $0.9 million respectively, while multi-asset products received a net inflow of $5.4 million. 

It would seem most of the attention Solana received in 2023 was diverted into Cardano in the week. According to previous weekly reports, Solana frequently saw the most weekly inflow in the last quarter of 2023, even surpassing Bitcoin and Ethereum at some point. 

However, it would seem this sentiment failed to show itself in the first week of the year, as data from CoinShares showed Solana registered a net flow of $5.3 million. Similarly, Short Bitcoin products saw a net outflow of $1 million, pushing its total outflows over the last nine weeks to $7 million.

As stated earlier, Bitcoin received the most inflows. Bitcoin started the year with a weekly net inflow of $113 million, and inflows over the last nine weeks representing 3.2% of assets under management. Blockchain equities have also had a good start to the year, seeing US$24m inflows over the last week.

In terms of geographical location, the US saw the most activity. Exchanges in the country saw a weekly net inflow of $83 billion, representing 55% of the total inflow. Germany and Switzerland followed with $32.5 million and $24.9 respectively, representing 21% and 17% of the total inflow.

Cardano price chart from

ADA price at $0.59 | Source: ADAUSD on

What’s Next For ADA?

The report from Coinshares attributes the inflow to proponents of spot Bitcoin ETFs who continue to push a bullish sentiment for the cryptocurrency pending approval in the US. Now that these ETFs have been approved, it is up to the market to determine what they bring to the table.

Cardano has also largely benefited from a steady growth in its ecosystem, development activity, and in DeFi. At the time of writing, Cardano (ADA) is trading at $0.5926. The crypto has outperformed most large market cap altcoins in the past 24 hours and is up by 15.55% in the timeframe. According to various predictions, Cardano (ADA) is set for a surge in 2024 with one analyst forecasting a price target of $6.


1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Related posts

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥 will not disclose your account information to any 3rd parties.