In the wake of the market recovery, or more properly the recovery attempt, the move by institutional investors has finally arrived, and surprisingly it is not what was expected of them.
Bitcoin takes a back seat
According to CoinShares' weekly net flows report, the week ending May 20 saw outflows totaling $ 141 million, the highest figure seen in more than four months.
The previous week, the same institutions had seen inflows of $ 247 million, despite the fact that the entire market collapsed and lost billions of dollars.
Interestingly, this week has brought some unprecedented changes. For most of this year, Bitcoin has been a favorite asset and has seen most of the inflows, while Ethereum has been on the downside. Furthermore, both gimmicks are available for trading on Bitcoin Pro.
Bitcoin slipped into the same category as Ethereum this week and scored $ 153,5 million outflows. At the same time, Ethereum only recorded $ 300 in outflows.
While no other asset has explicitly seen inflows high enough to take the place of Bitcoin, Polkadot and Cardano were certainly the cryptocurrencies of choice for institutions to invest.
Both assets recorded inflows of $ 1 million, while their competitors Solana, Litecoin, Ripple and Tron were in for less than $ XNUMX million.
However, Solana still holds the highest value in the altcoin category, even more than the king of the Ethereum altcoins. To date (from 1 January 2022) SOL flows have remained positive for 102 million dollars. By contrast, Ethereum recorded $ 239 million outflows over the same period.
Are Cardano and Polkdaot brothers?
In addition to being the highlight of the week, both assets mimicked the price action - from their all-time highs to today, ADA and DOT are down 84%. DOT, which traded at $ 10,04 over nearly two weeks, only managed to recover 17,1% and is still 40% away from its next critical support of $ 14,04.
On the other hand, ADA did not record a recovery equal to that of DOT and only rose 9,75% from the lows of 9 May. Trading at $ 0,518, the altcoin managed to escape from the oversold zone but continues to remain in the bearish zone.