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Coinshares: $16M weekly inflows for Cardano without ‘discernible catalyst’

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Most cryptocurrencies in the market appeared to be trading in the red, at press time. After scoring big gains in “Uptober,” Bitcoin is now struggling to remain in the green after hitting a new ATH. Although it did see some relief following the Taproot upgrade, BTC was down 7% lower over the 24-hour window.

Many of the industry’s altcoins followed Bitcoin’s lead too. Nevertheless, big investors continue to be bullish on crypto.

According to CoinShares’ November 15 Digital Asset Fund Flows Weekly report,

“Digital asset investment products saw inflows totalling US$151m last week, the 13th consecutive week of inflows, bringing year-to-date inflows to a record US$9bn. Intra-week prices rises also saw total assets under management (AUM) reach record highs of nearly US$87bn, but closing the week at US$83bn.”

Interestingly, it signified that institutional traders locked a record sum of capital into investment products. However, trade volumes did decline during the second half of 2021.

James Butterfill, CoinShares’ Investment Strategist, opined,

“Although flows have been positive recently, we have witnessed subdued volumes in 2H, averaging US$750m daily versus US$960m in 1H 2021.”

The graph attached below highlighted the weekly crypto-asset flows –

Source: CoinShares

The king cryptocurrency flashed some interesting figures for the entire market.

Source: CoinShares

Bitcoin saw total inflows of $97.5 million between 8 and 12 November. Its assets under management (AUM) hiked to a record level of $56 billion. Year-to-date (YTD) inflows also tagged $6.5 billion last week. The recorded numbers marked significant growth for Bitcoin instruments, especially when compared to the previous report.

Despite the decline in the volumes, however, Bitcoin investment products did see some impressive statistics.

Leading the altcoin bandwagon?

Ethereum investment products saw inflows of $17 million, with AUM over $21 billion for the first time. It recorded the strongest weekly inflows among altcoin tracking products. Despite the volume loss, Ethereum products recorded an AUM of $21 billion, as per the report. However, this marked a 44% decline week-over-week for the asset.

Curiously, Cardano led the charge as it locked in significant inflows for altcoins. Its inflows totaled $16.4M last week – A massive hike compared to $5M in the last report. This meant a 227% increase in weekly inflows.

Notably, Cardano’s surge is no surprise to many. New developments across its ecosystem, as well as different partnerships across regions such as Africa, have led to this spike. In fact, these developments appear to be yielding other results too.

Worth noting, however, that in the aforementioned context, CoinShares added,

“… We cannot identify a discernible catalyst at this point. The inflows are likely being due to increasing positive investor sentiment for “World computer” coins.”

Additionally, Solana (SOL), Polkadot (DOT), and XRP investment products also saw inflows of $9.8 million, $5.2 million, and $3.1 million, respectively, over the week.


Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.
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