Institutional investors have shown appetite for Cardano (ADA) over other major cryptos ahead of the launch of a cryptocurrency network of smart contracts via the Alonzo hard fork.
- CoinShares’s data shows that Cardano investment products saw inflows of $1.3 million, while Bitcoin accounted for $22 million outflows and Ethereum focused products saw outflows of over $23 million.
- The data reveals cryptocurrency-focused investment products recorded a 6th consecutive week of outflows and have combined lost $115 million over that period.
- Institutional investors are highly bullish on Cardano like retail investors because of the network’s upcoming Alonzo hard fork, which brings smart contracts to it.
- Smart contracts will allow Cardano to compete with Ethereum, the Binance Smart Chain, and others with its own decentralized finance (DeFi) applications.
IOHK plans to engage with more exchanges so that many crypto exchanges are ready for the Alonzo hard fork combinatory event. The upcoming hard fork is a long-awaited and very bullish catalyst for the asset.
BTC down -3.75%, ETH -6.72%, ADA down -6.52%Source: CryptoGlobe