The crypto market saw a recent correction and according to the official data, this means that institutional entities have been taking their profits out. But it also seems that Cardano and Solana remain resilient in this scenery.
Check out the latest reports about these digital assets below.
SOL and ADA states in the crypto market
An important and popular manager stated that institutional profit-taking is the element that led to heavy outflows in crypto investment products over the last week.
In the latest Digital Asset Fund Flows Weekly report, CoinShares explained that last week’s heavy outflows of $134 million are a result of the previous week’s market value appreciation.
“Digital asset investment products saw outflows totaling US$134m last week, marking the second-largest weekly outflow this year. The outflows were broad-based across providers in both Europe (39%) and the Americas (61%)…” the notes say.
According to the same notes, CoinShares said that “We believe price appreciation the previous week may have prompted investors to take profits last week.”
It’s also important to mention the fact that institutional investment products that are focused on leading digital assets Bitcoin (BTC) and Ethereum (ETH) suffered the heaviest outflows last week. These were thought to be somewhere at $132 million and $15 million, respectively.
It’s also important to note the fact that institutional investment products that are targeting altcoins, excluding Ethereum and XRP, enjoyed minor inflows last week.
The notes bring up SOL and ADA as we said above. Multi-asset investment products, those focusing on multiple altcoins, enjoyed five million in inflows.
“Solana (SOL)-focused products also had a good week, bringing in $3.7 million. Cardano (ADA) digital investment products took in $1 million over the same period.”
The fact that more and more institutions are becoming interested in crypto is a factor that highly supports the mass adoption of digital assets. Stay tuned for more news and check the markets.