Ethereum

Cardano

Solana

Litecoin

Avalanche

Crypto asset investment products started the year on a positive note, with Cardano making a comeback despite going on a <a href="https://www.newsbtc.com/analysis/ada/ada-price-faces-key-hurdle-0-55/">price decline last week</a>. According to the latest digital asset fund flow from <a href="https://blog.coinshares.com/volume-164-digital-asset-fund-flows-weekly-report-1df57aabb9c5" rel="nofollow">CoinShares</a>, crypto products saw total inflows of $151 million in the first week of 2024.&nbsp; 
Unsurprisingly, a larger part of this inflow went into Bitcoin, with Ethereum closely following behind. However, Cardano products also picked up steam during the week, attracting notable inflows compared to other altcoins.&nbsp; 
<h2 id="cardano-attracting-institutional-altcoin-investors">Cardano Attracting Institutional Altcoin Investors</h2> 
Institutional investors poured a notable $3.7 million into Cardano-based investment products last week, far greater than its average in 2023. Aside from Ethereum, which received a $29.6 million net inflow, Cardano saw the most inflow among altcoins, followed by Avalanche with $2 million. 
Litecoin and XRP also saw modest inflows of $1.3 million and $0.9 million respectively, while multi-asset products received a net inflow of $5.4 million.&nbsp; 
It would seem most of the attention Solana received in 2023 was diverted into Cardano in the week. According to previous weekly reports, Solana frequently <a href="https://www.newsbtc.com/news/solana/solana-institutional-investors-135/">saw the most weekly inflow</a> in the last quarter of 2023, even <a href="https://bitcoinist.com/solana-trust-bitcoin-and-ethereum/" rel="nofollow">surpassing Bitcoin and Ethereum</a> at some point.&nbsp; 
However, it would seem this sentiment failed to show itself in the first week of the year, as data from CoinShares showed Solana registered a net flow of $5.3 million. Similarly, Short Bitcoin products saw a net outflow of $1 million, pushing its total outflows over the last nine weeks to $7 million. 
As stated earlier, Bitcoin received the most inflows. Bitcoin started the year with a weekly net inflow of $113 million, and inflows over the last nine weeks representing 3.2% of assets under management. Blockchain equities have also had a good start to the year, seeing US$24m inflows over the last week. 
In terms of geographical location, the US saw the most activity. Exchanges in the country saw a weekly net inflow of $83 billion, representing 55% of the total inflow. Germany and Switzerland followed with $32.5 million and $24.9 respectively, representing 21% and 17% of the total inflow. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/LPeAOXiQ/" alt="Cardano price chart from Tradingview.com" width="3266" height="1530"> 
<h2 id="what-s-next-for-ada">What’s Next For ADA?</h2> 
The report from Coinshares attributes the inflow to proponents of spot Bitcoin ETFs who continue to push a bullish sentiment for the cryptocurrency pending approval in the US. Now that these <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-sec-approves-all-11-spot-bitcoin-etfs-btc-price-holds-steady-at-46000/">ETFs have been approved</a>, it is up to the market to determine what they bring to the table. 
Cardano has also largely benefited from a <a href="https://bitcoinist.com/dogecoin-cardano-kick-2024-off-2023-adoption-trend/" rel="nofollow">steady growth</a> in its ecosystem, <a href="https://bitcoinist.com/cardano-dominates-development/" rel="nofollow">development activity</a>, and in DeFi. At the time of writing, Cardano (ADA) is trading at $0.5926. The crypto has outperformed most large market cap altcoins in the past 24 hours and is up by 15.55% in the timeframe. According to various predictions, Cardano (ADA) is set for a surge in 2024 with one analyst <a href="https://www.newsbtc.com/news/cardano/cardano-ada-price-to-hit-6/">forecasting a price target of $6</a>.

Is Cardano The Next Solana? Institutional Investors Clamor For ADA Exposure

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