XRP, Polkadot, Cardano Pulling Investor Funds From Ethereum

Altcoin News

  • According to reports, XRP, Polkadot, Cardano are pulling investor funds from Ethereum.
  • Ethereum sees a decrease in investment by 5%, continuing its downtrend.
  • ETH is valued at $1,758.38, down 3.7% in the past 24 hours.

CoinShares’ Bi-monthly study found that only a little more than 20% of investors had committed funds to Ethereum. This is a decrease from the 25% that was recorded in the survey conducted in March. Investors are investing instead in Ethereum’s rivals, Polkadot (DOT), Cardano (ADA), and XRP (XRP).

Investors’ allocation to Cardano has gone from 5% to around 12% in the past six months. Polkadot’s proportion of investors has increased from 9% to 13% during the last several months.

According to the findings of the digital asset investment strategist, crypto investment products received inflows of about $90 million in the last week, with the most popular cryptocurrency asset Bitcoin getting the lion’s share.

Since March, when a general slump was initiated in the cryptocurrency market, the price of Ethereum has been on a downward trajectory. Since then, the value of the altcoin that has the second-largest market cap fell by roughly 50%.

The previous month was not much better for ETH either, as seen by the coin’s price decline from $2.937 to $1.740. This decline may be attributed to the macroeconomic instabilities as well as the failure of Terra.

According to CoinShares, Bitcoin’s assets under management (AuM) are also at their lowest since July of last year. Both the North American and European areas witnessed crypto institutional investment product inflows of $72 million and $15.5 million, respectively, for the first time in more than a month. Ethereum assets lost $11.6 million this week, continuing their current pattern of outflows.