u.today
According to the latest CoinShares weekly report on crypto-related ETF inflows, another $245 million were added to the market last week. As things stand, the year-to-date figure is positive, starting at $20.48 billion.
As always, Bitcoin - the largest cryptocurrency - led the way last week, with several ETFs from major financial institutions such as BlackRock and Franklin Templeton. Over the past seven days, these investment vehicles have seen inflows of $519 million, which is literally 97.9% of all the money that has flowed into crypto-related investment products over the period.
However, there were other winners as well - digital assets, investment products that have shown exceptional momentum in terms of inflows, although not as much as Bitcoin. One of these is Cardano (ADA). According to the data, inflows into Cardano ETPs totaled $1.2 million last week, 300% more than the week before.
Furthermore, this week's result puts Cardano in second place among all crypto ETPs. In total, since the start of 2024, Cardano-oriented investment products have attracted $11 million from traditional investors.
Cardano's next big hard fork
Such an increase for the ADA blockchain can be attributed to the upcoming Chang hard fork. As reported by U.Today, the hard fork is expected to bring the ultimate decentralization to Cardano, when even the popular blockchain's treasury will be managed through voting by ADA stakeholders.
It also includes the adoption of the Cardano Constitution, which will cement all the principles and rules of decentralized governance of the blockchain.
The hard fork is scheduled for this year, so it is possible that investors will try to make this play through Cardano ETPs, and that is why we are seeing increasing flows into these investment products.