Cardano (ADA) Inflows Skyrocket 300% As Institutional Investors Position Ahead Of Chang Hard Fork

Cardano (ADA) has witnessed a massive 300% surge in Exchange Traded Product (ETP) inflows. The unexpected influx of capital from institutional investors could set the stage for a potential uptrend ahead of the Chang hard fork.

Cardano (ADA) has seen a massive 300% surge in Exchange Traded Product (ETP) inflows, according to a recent report by CoinShares. This influx of institutional capital could be setting the stage for a potential uptrend ahead of the Cardano Chang hard fork.

The key takeaways from the report are as follows:

* Digital asset investment products saw a relatively muted inflow of approximately $245 million in the last week.

* Bitcoin (BTC) recorded the largest increase in inflows with a healthy inflow of $519 million, bringing its month to date inflows to $3.6 billion.

* Cardano recorded a surge in inflows into its ETP, totaling approximately $1.2 million, marking a 300% addition from the previous week.

* Institutional investors have invested a total of $11 million into Cardano-oriented investment products, and Cardano’s month to date inflow has seen about $2.4 million.

* The launch of Ethereum Spot Exchange Traded Funds (ETFs) witnessed some of the largest inflows since December 2020.

* Newly issued ETFs experienced a staggering $2.2 billion in inflows, while trading volumes in Ethereum (ETH) rose by 542%.

* Cardano’s price experienced a slight rebound from previous bearish trends following its 300% surge in ETP inflows.

* After surging to about $0.8 in March 2024, Cardano’s price has been correcting, falling below the $0.4 price mark.

* The Chang hard fork is now live after the deployment of Cardano node 9.1.0, and the market sentiment is more positive.

* According to analysis, Cardano was the most undervalued asset in the top 10 cryptocurrencies, and investors should be bullish on Cardano, anticipating upsides.

* Despite continuous declines in its price over the past few months, Cardano has consolidated around the $0.4 price level.

* Currently, Cardano is trading at $0.4, showcasing a 4.34% decrease in the last 24 hours.

* Analysis suggests that Cardano is set to perform well in the crypto market due to its booming ecosystem with hundreds of Decentralized Applications (DApps).

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