Cardano (ADA) investment products have seen the highest weekly inflows among cryptocurrency investment products, according to a report published by CoinShares.
The report reveals that inflows into ADA investment products were $10 million for the week ending on Monday, more than any other cryptocurrency fund. Bitcoin funds saw outflows of $110.9 million, while ETH funds saw outflows totaling $12.6 million.
Polkadot (DOT) funds saw inflows of $5.5 million, while multi-asset investment products saw inflows of $7.1 million. Investors are likely betting on Cardano because of its small environmental impact and its upcoming smart contract functionality.
Year-to-date, Cardano investment products drew in $24 million, while BTC products drew in $4.13 billion, and ETH products drew in $923 million. Outflows for funds related to the top two cryptocurrencies by market capitalization were likely related to the recent controversy surrounding BTC’s carbon footprint.
CoinShares noted some investors shifted toward proof-of-stake cryptoassets. It wrote:
Cardano saw the largest inflows of $10 million, which may represent investors actively choosing proof-of-stake coins based on environmental considerations.
As CryptoGlobe reported, the Cardano network has recently hit a new milestone, as one million wallets have now been created on it. The milestone was reached at a time in which thousands of new wallets are being created every day as presumably more users join the network.
The network’s growth is coming as it expects massive upgrades over the next few months. The team behind it at Input Output Hong Kong (IOHK) has announced smart contract functionality will arrive over the next few months, allowing for the deployment of decentralized applications on its network.
Moreover, the firm has announced it will be launching a converter allowing investors to swap ERC-20 tokens from the Ethereum blockchain to equivalent Cardano-based tokens, so they can interact with protocols on the Cardano network.
The price of Cardano’s ADA exploded over the last few months. CryptoCompare data shows that in the last 12 months, the cryptocurrency is up a whopping 2,900%, even after the recent cryptocurrency market crash affected its price performance. It’s, at press time, trading at $1.7.
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