Investors Showing Preference for Cardano and XRP Over Bitcoin

Joshua Ramos
Cardano ADA Price Prediction for March 2023
Source: Crypto news

In a rather surprising development, both Cardano (ADA) and XRP have observed $1 million worth of inflows as Bitcoin has experienced a downturn. Indeed, a recent report from CoinShares shows that investors are noting their preference for both ADA and XRP as opposed to traditional heavy hitters like Bitcoin and Ethereum.

Specifically, the report noted that $21 million was withdrawn from a host of different cryptocurrency products. Moreover, it indicated that the major victims of those outflows were both Bitcoin (BTC) and Ethereum (ETH). Both digital assets observed outflows of $19.4 million and $1.9 million, respectively.

Source – Outlook India

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Cardano (ADA) and XRP See $1 Million Inflows

The digital asset industry has had a rather inconsistent month. As the regulatory struggle in the US looms over the market, certain assets have noted significant volatility. Yet, Bitcoin had noted a host of spot ETF filings that were meant to catapult it. Entering the first week of August, however, that doesn’t seem to be the case.

CoinShares’ newest report shows $21 million in withdrawn investment in the digital asset space. Moreover, this sum is connected with the two most prominent cryptocurrencies on the market. Conversely, the other aspects of the report have shown investor preference for Cardano and XRP over Bitcoin.

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Specifically, the report noted that a flood of investments went toward these two programs. Indeed, they both saw a collective $1 million inflow, which is rather impressive for both. Moreover, the year-to-date inflows have noted an impressive surge for both protocols. XRP overseeing a $10 million increase, and ADA noting a $6 million increase.

Additionally, Solana saw an increase in inflows of $600,000 in the past week, according to the report. Subsequently, the protocol saw its total inflows and outflows since the start of 2023 reach $15 million. Alternatively, it appears as though the beneficial inflow numbers could be connected to regulatory optimism. Indeed, XRP just came off a landmark court filing against the SEC.