The demand for Bitcoin continues to decrease in a significant way, as more Institutions and companies prefer Cardano and Ethereum products over the current king of Crypto.
Altcoin popularity continues to grow in the market, being the most preferred choice of crypto for many private financial institutions in the market. However, Bitcoin seems to be in some trouble. According to a weekly report posted by Asset fund, Flows, it was revealed that the number of inflow of Altcoins was recorded to be around $24Million in value, and this is the 2nd time in a row that Altcoins have been overperforming Bitcoin in overall inflow. In comparison to last week, the inflow of altcoins saw a good increase of around 14%, thus gaining the $24Million valuation from $21Million.
Ether on the Top
The report showed that Ether was the top asset that investors preferred, as most of the altcoin inflow was dominated by Ether, having a valuation of nearly $17.2Million. The report highlighted that Altcoins are now contributing 32% of the total assets under management in the sector. Although this is lower than recorded in May, it still looks to be quite a stable valuation.
Right beside Ether, Cardano was performing likewise, with a weekly inflow recorded to be $10Million. Instruments based on the Cardano are now in hold of around 0.15% of the total capital, which is used in products powered by cryptocurrency-based investments. The Alonzo upgrade on the Cardano network is also about to launch next month, which will also help to improve inflows by a great deal.
On the other side, Bitcoin sees a fall in inflow. Bitcoin saw a loss of $3.8Million in outflows, with many Bitcoin-based products seeing a fall in popularity, experiencing outflows for many weeks. Coinshare’s mentioned that asset managers are representing assets under management of nearly $56.8Billion in total valuation, and that has been seeing slight drops because of the weekly outflows coming from Bitcoin.
The Bitcoin fund owned by Coinshare itself saw huge losses last week, experiencing a massive outflow of around $14.5Million. Meanwhile, ETC distribution saw the biggest inflow of about $14.1Million. Fund based on Solana also managed to cross Bitcoin Cash in regards to assets under management.