Cardano is one of the major and most popular cryptocurrencies in the crypto market. It has also seen an increase in its price and is currently trading at $2.09 (at the time of writing).
However, this is not the only factor that has caught people’s attention. It has been noted that the crypto asset investment products have seen an outflow of $22 million last week. This has been the sixth consecutive week of outflows.
There have also been reports of some inflows. However, many are left to wonder if the outflows are more than inflows and if it will adversely impact the digital currency.
Many major and minor investors have invested in Cardano (ADA) and if you are also wondering how to buy Cardano then you can opt for some of the top crypto exchanges. Click on Binance or Kraken (U.S. citizens) and invest in the digital asset.
Up to 50% discount on fees
However, if you are more interested in becoming a crypto trader then you can opt for PrimeXBT Covesting. It allows beginners to copy experienced traders. Sign up with our link today.
What to Know About ADA Investment Products Inflows and Outflows?
According to reports, there have been inflows led by ADA investment products. Last week, inflows of $1.3 million have been noted. At the edge of the Cardano Alonzo Upgrades, the inflows broke through $2 million for the first time since the month of May.
Despite the inflows noted, as mentioned above, the outflows have been higher.
An investment strategist, James Butterfill also tweeted:
The details are as follows:
- As mentioned earlier, the outflows noted last week have been for the sixth time in a row.
- The outflows noted for the past six consecutive weeks are a total of $115 million.
- This is the longest consecutive outflow since 2018 (January).
- Only 0.2% of assets under management are represented by the outflow this time.
- The outflow noted in January 2018 represented around 5% of assets under management.
These facts clearly show that the outflows are far more than the inflows.
One of the reasons why Cardano enthusiasts and investors are slightly worried is the current market sentiments and situation. At the moment, the market sentiment is somewhat negative and participation by the investors is also considerably low.
Regarding this situation, James Butterfill stated:
“Sentiment appears to be recovering in the overall crypto market judging by recent price rises, this has pushed total investment product AUM to US$55 billion, rising 10% week-on-week,”
What to Know as a Potential ADA Investor or Trader?
As mentioned earlier, Cardano is a prominent crypto asset in the market. Especially since its Alonzo Upgrade, the digital currency and main network have received quite the attention from crypto enthusiasts around the globe.
Here is a graph by CoinGecko that shows the price of Cardano (ADA) over the last week.
Therefore, if you are looking to buy ADA, make sure you do your research and choose some of the best crypto exchanges. Choosing suitable platforms is important so you can invest in the preferred digital assets without tackling unnecessary inconveniences.
Margin traders who are looking to leverage trade digital assets like BTC or ETH can opt for the Bybit exchange. Use this link to sign up and earn a free bonus on your initial deposit.
Claim up to $30,030 in Bonus