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Cardano [ADA] Scores Entry On Japanese Crypto Exchange

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Cardano [ADA] has entered the Japanese wing of one of the world’s largest crypto exchanges, OKCoin. Announcing the listing of ADA, OKCoin would start spot trading of the token on Sept. 1, trading the cryptocurrency against Japan’s national currency, the yen.

The growing adoption of ADA demonstrates the prowess of the eight largest crypto projects by market capitalization and the latest addition seems a plausible step.

Besides ADA, other leading cryptocurrencies such as BTC, ETH, XRP, and a number of smaller cap coins ones have already been listed on the Japanese exchange. A total of 17 pairs are now currently available for crypto enthusiasts to trade on OKCoin Japan.

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Cardano [ADA] Scores Entry On Japanese Crypto Exchange 2

In another similar move, Cardano [ADA] went live on the US-based trading platform Kraken as a collateral cryptocurrency on its futures platform. With that, the native token of the layer 1 blockchain has now joined a list of prominent cryptocurrencies such as Chainlink [LINK], Polkadot [DOT], Decentraland [MANA], and others.

Moreover, the token has provided exposure to over 40 futures contracts now, TronWeekly reported.

Apart from its widespread adoption, the token too managed to retain positive flows last week despite the crypto market downturn.

Cardano Ended Week With Positive Fund Flows

According to CoinShares’ latest weekly fund flow report, few cryptocurrencies ended the week with positive flows. Out of that, ADA, despite a significant drop in quotes, managed to attract free funds from investors.

So, per the report, Cardano managed to finish the week with a positive fund flow value of $500,000.

At a time when market volumes remain extremely low, ADA and a few others in the bunch kept bringing funds in at 55% of the annual average and the second lowest for the entire year, according to CoinShares estimates.

Moreover, the community surrounding the blockchain appears to be the most optimistic. Even though Crypto Winter has acted as a spoiler on the ADA’s price in the past months, it has however failed to contain the community’s positivism. In fact, ADA’s weighted sentiments have tapped a 4-month peak.

As per recent data from Santiment, The Weighted Sentiment showed a value of 1.50 for ADA, the highest in four months. This outpouring of optimism comes after a period of intense bearish outlook between late July and early August.

Ethereum steals investor’s favor as Bitcoin outflows intensify

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While investors have remained cautious due to the tepid market conditions, they have turned toward Ethereum now. According to the latest ‘Digital Asset Fund Flows Weekly’ edition by CoinShares, the world’s largest altcoin, Ethereum witnessed its third 3rd consecutive week of inflows right ahead of its London upgrade next month. In fact, last week’s inflows went up to $11.7 million. This brings the year-to-date inflows near the coveted $1 billion mark.

This comes amidst the digital asset investment products experiencing a rather dull week with minimal net inflows totaling just $2.9 million last week. Inflows to Bitcoin have halted due to severe sell pressure and instead, the outflow has gained traction, a trend that was seen over the last two weeks. The total outflow figures have reached $10.4 million.

However, CoinShares revealed that the outflows are minimal relative to the massive figures observed in May and June this year. Interestingly, even as the market traded poorly the nature of inflows and outflows across different providers was found to be mixed. Hence, the platform stated that it believes the timing of the rollouts of some investment products in the recent weeks, which helped investors to accrue market access for the first time, has induced profit-taking rounds.

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Ethereum steals investor's favor as Bitcoin outflows intensify 4

Meanwhile, a similar pattern was seen in the rest of the cryptocurrency market as well. For tokens such as XRP, Polkadot [DOT], Cardano [[ADA], and Stellar [XLM] all had inflows that were less than $0.5 million each. The report also mentioned,

“Volumes in Bitcoin fell to just 38% of the year-todate average, totalling US$3.9bn per day last week. We do not believe this represents something ominous in the market as we saw similar seasonal dips in volumes during the summer months in recent years.”

Ethereum increasingly becoming popular among institutions

Almost $100 billion was wiped off the entire cryptocurrency market in 24 hours as it remained jittery. Despite many alternatives, Ethereum fortifies the infrastructure of a rapidly growing crypto decentralized finance [DeFi] ecosystem. Several applications are being built on top of this new finance system that pushed the entire blockchain marketplace to new heights.

Hence, high-profile financial institutions are not only building the infrastructure to invest in Bitcoin but have also started expanding their footprint across the Ethereum network with the hope that the demand for this digital asset will soar as the applications created on top of them develop.

Digital Asset Fund Inflows Hit $4.2B In Q1; reports CoinShares

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Q1 institutional inflow breaks all previous records: CoinShares.

Despite signs of weakening institutional demand, which triggered fierce market-wide, crypto-asset funds and investment products have reached a milestone after hitting a record of $4.2 billion inflows already in the first quarter of the year. This was revealed by the latest CoinShares weekly report.

There are 15 more days to go and with the sudden drop in Bitcoin and the cryptocurrency market, it is speculated that more capital could be essentially be poured in to buy the dip.

Coming back to the stats shared by CoinShares, digital asset investment products closed on Friday with $55.8 billion assets under management. This was accompanied by the weekend bullish when Bitcoin established a fresh ATH nearing $62K. This reflected the institutional demand that had earlier surged to levels never seen before.

Despite the fact that Bitcoin has been the clear winner amongst the investors, Ethereum has also gained its fair share of popularity among the institutional market participants. Inflows to Bitcoin was found to be at $3.3 billion, while that of Ethereum stood at $731 million. The world’s largest altcoin tuned in an inflow of $113 million last week which comprised almost 50% of total flows.

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Digital Asset Fund Inflows Hit $4.2B In Q1; reports CoinShares 7

Grayscale Lead, CoinShares Seals 2nd Spot

Out of the five digital asset investment providers, Grayscale Investment led the score with the total AUM of $43.72 billion, followed by CoinShares with $4.89 billion, 3iQ with 1.66 billion, ETC issuance with $1.21 billion, and 21Shares with $1.11 billion.

The recently launched Purpose Bitcoin fund, on the other hand, was found to be in the sixth position with $517 million in AUM according to CoinShares.

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Digital Asset Fund Inflows Hit $4.2B In Q1; reports CoinShares 8

The inflows of the first quarter of 2021 surpassed the previous record of $3.9 billion that was seen in the fourth quarter of 2020.

CoinShares’ analysis also revealed that market participants continued to opt for investment providers that simply track the price of cryptocurrency assets over those that have active management strategies. These are known as passive funds. This sector has amassed an AUM of a whopping $54.1 billion, as opposed to $786 million for those with active strategies.