Cardano is in a sweet spot right now in terms of investor interest. According to the latest data from CoinShares, the level of inflows to the token are up on a week-to-week basis.
This contrasts with Bitcoin, which is experiencing sustained outflows for the second week in a row. CoinShares also revealed that Cardano inflows in the week rose by $10 million, while that of the leading crypto asset recorded outflows of $100 million.
According to the report, the increased outflow in BTC has to do with the increased awareness of crypto’s impact on the environment. Since Elon Musk brought up the environmental sustainability angle, investors are taking a keener look at Proof-of-Stake coins.
The company has also revealed that from its data, the odds are in favor of Cardano on this front. Last week, the crypto asset saw an inflow of around $6 million, and this week the number has shot up to $10 million.
For Bitcoin, outflows at the week ending May 17th stood at 115 million. While they have eased up a little, they are still quite high this week, and stand at $111 million. This means that outflows are holding above $100 million weekly, despite the improvement in its price.
The entire crypto market has recovered some of the losses sustained last week. The market plunged last week after there was a sustained level of FUD caused by Musk who took a swipe at Bitcoin’s environmental footprint. He also announced that Tesla was discontinuing the use of Bitcoin for payments.
The correction was then intensified by the news that China was cracking down on crypto mining and trading. This move was deduced to have had a negative impact on the market.