Digital assets manager CoinShares says institutional investors are buying Cardano (ADA), XRP and Polkadot (DOT) as the crypto market struggles to recover from a massive correction.
In a new report, the firm says that investors are adding positions to their crypto holdings amid the widespread plunge in the prices of digital assets.
[adinserter block="1"]The report shows cryptocurrency investment products recorded a net inflow of $74 million last week after two weeks of record outflows worth $151 million.
Data shows that Ethereum (ETH) attracted $47 million worth of investments in that period, accounting for nearly 27% of the inflows last week.
CoinShares adds that proof-of-stake coins are the other most popular assets among crypto buyers with ADA, DOT and XRP attracting inflows worth $5.2 million, $3.8 million and $4.5 million, respectively last week.
“Investment product flows indicate that altcoins remain popular with inflows into all altcoin investment products.”
In the same time frame, Bitcoin witnessed outflows of $4 million.
Overall, the amount of ADA, DOT and XRP under management (AUM) is valued at $27 million, $41 million and $45 million, respectively.
Bitcoin (BTC) remains on top with over $30 billion in AUM, followed by ETH with $11.82 billion.
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