Cardano inflows increase while Bitcoin sees US$621 million outflow

The Cardano cryptocurrency (ADA) is recording a notable increase in its inflows, suggesting an important return for the crypto asset. In contrast, Bitcoin (BTC) is experiencing outflows totaling $621 million last week, according to the CoinShares report released on June 17.

As the report noted, the focus of the outflows was on Bitcoin, while some altcoins, including Cardano, showed significant inflows. According to the data, the Cardano cryptocurrency had inflows worth $0.7 million last week. In the same period, the largest cryptocurrency on the market recorded outflows of an impressive US$621 million. Furthermore, the decline also boosted inflows totaling $1.8 million in short bitcoins.

In the current ADA scenario, the Cardano community is excited and very optimistic about the upcoming updates and improvements that will be made to the network, which could propel the blockchain to new heights.

Also according to the report, some altcoins received significant inflows, led by Ethereum (ETH), LIDO and XRP which received US$13 million, US$2 million and US$1 million, respectively.

Cryptocurrency investment funds saw biggest outflows since March amid FOMC meeting

In a recent development, cryptocurrency investment funds recorded the largest outflows since March amid the FOMC meeting last week. According to the CoinShares report, digital asset investment products saw outflows totaling $600 million last week. The amount was the largest outflow since March 22, 2024.

The report noted the market action was due to a “more aggressive than expected” FOMC meeting, prompting investors to reduce their exposure to fixed supply assets.”

According to the data, the outflows recorded last week and the recent price sell-off had caused total assets under management (AuM)m to fall from more than $100 billion to $94 billion during the week.

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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.