What Happened: Institutions appear to have favored Cardano (CRYPTO: ADA) this week as the altcoin recorded $1.3 million in inflows, even as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) focused, Bitcdays funds saw major outflows.
According to data from Bitcdays, digital asset investment products saw a sixth consecutive week of outflows which cumulatively amounted to $115 million.
Bitcoin recorded $22 million in weekly outflows, while Ethereum lost $1.1 million over the week.
Meanwhile, institutions increased their exposure to Cardano. The Proof-of-Stake (PoS) blockchain’s native token boasted the highest inflows over the past week, recording $1.3 million in weekly flows.
Polkadot (CRYPTO: DOT) and Stellar (CRYPTO: XLM) also recorded minor inflows of $400,000 each.
Why It Matters: ADA rallied as much as 35% over the past seven days, briefly reaching a high of $2.25 on Monday. This week’s rally was the first time the altcoin broke the $2 mark since May when it hit an all-time high of $2.46.
The positive price action comes in anticipation of Cardano’s new series of upgrades which will bring smart contract functionality to the network.