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ADA Inflows Increase as Bitcoin Sees $621 Million Outflow
Tomiwabold Olajide
Compared to Cardano’s inflows, Bitcoin saw significant outflows totaling $621 million
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In a surprising turn of events on the cryptocurrency market, Cardan (ADA) is seeing a significant increase in inflows, signaling a robust return for the digital asset. Meanwhile, Bitcoin, the largest digital asset, is seeing a substantial outflow, with a staggering $621 million moving away from the cryptocurrency.
According to the most recent CoinShares In the report, digital asset investment products saw outflows of $600 million, the highest since March 22, 2024, due to a more aggressive-than-expected FOMC meeting, prompting investors to reduce their exposure to fixed supply assets. Outflows were focused entirely on Bitcoin, while a wide range of altcoins, including Cardano, saw inflows.
Cardano, on the other hand, received $0.7 million in inflows. This picture contrasts with the modest activity experienced in the broader altcoin market in the week leading up to the last one, during which Cardano saw no inflows.
Compared to Cardano’s inflows, Bitcoin saw significant withdrawals, totaling $621 million. The $621 million outflow from BTC could indicate a change in investor sentiment and a potential reallocation of funds to the cryptocurrency market.
AS Cardan makes a comeback, attracting inflows, its price movement and market dynamics come into the spotlight. The Cardano community is excited about upcoming updates and improvements to the Cardano network that could further increase its capabilities and attractiveness. Later this year, Cardano will undergo one of its most historic upgrades, the Chang hard fork.
At the time of writing, ADA fell 2.38% over the past 24 hours to $0.404 as the cryptocurrency market came under selling pressure. In the coming days, broader market trends and investor sentiment towards cryptocurrencies could also play a significant role in shaping Cardano’s price trajectory.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.