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Institutional Investors Bet on $ADA, $SOL, and $XRP

CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary
Cryptocurrency prices have plunged over the last few days, with the flagship cryptocurrency Bitcoin dropping to a low below $18,000 this week before recovering, to now trade at $20,750 according to CryptoCompare.
The stock market’s benchmark index, the S&P 500, is down around 0.5% over the same period, while gold lost around 0.34% of its value. The market has seen a slight recovery after a crash associated with macroeconomic factors, which include soaring inflation throughout the world and the ongoing Russian invasion of Ukraine, coupled with crypto lender Celsius Network freezing withdrawals from its platform citing “extreme market conditions.”
The total crypto market capitalization dropped below the $1 trillion mark over the sell-off. The crypto market has also been recovering after Sam Bankman-Fried’s Alameda Research said it could step in to prevent further contagion in the cryptocurrency space during the ongoing bear market.
Alameda has notably already made a move, as it signed a non-binding term sheet with crypto broker Voyager Digital. The firm is giving the crypto broker a revolving line of credit to safeguard customers’ assets.
The loan includes a cash/USDC-based line of credit with an aggregate principal amount of $200 million, with a 15,000 BTC revolving credit facility. Voyager is set to only use the credit facilities if needed to safeguard customer assets.

Total crypto market cap over the past 30 days
Total crypto market cap over the past 30 days
Institutional Investors Bet on $ADA, $SOL, and $XRP
Institutional investors have moved their bets away from leading cryptocurrencies including Bitcoin ($BTC) and Ethereum ($ETH) and into three major altcoins: Cardano’s $ADA, Solana ($SOL), and $XRP amid a wider cryptocurrency market rout.
CoinShares’ Digital Asset Fund Flows report shows that institutional investors largely moved away from the cryptocurrency space while increasing their bets on the three altcoins mentioned above.
According to the report, digital asset investment product flows “remain choppy in anticipation of hawkish monetary policy” and steady daily outflows have led to weekly outflows totaling $102 million, with BTC investment products seeing $57 million in outflows last week.
As CryptoGlobe reported, ADA has been outperforming Ethereum over the last few weeks and is already up over 88% against it after making a recent low. Cardano’s performance is significant as it rivals Ethereum as a blockchain network that runs smart contracts and decentralized applications (dApps).
‘Rich Dad’ Author Says ‘Crashes Are Best Times to Get Rich’
Robert Kiyosaki, the highly successful author of the “Rich Dad Poor Dad” series of personal finance books, has pointed to Bitcoin’s crash as an opportunity for investors saying that “crashes are the best times to get rich.”
In a tweet, Kiyosaki suggested that BTC crashing was “great news” as he was “waiting for Bitcoin to crash to $20,000” so he can “up the truck” when the bottom is in.
therealkiyosaki
BITCOIN CRASHING. Great news. As stated in previous Tweets I am waiting for Bitcoin to crash to 20k. Will then wait for test of bottom which might be $17k. Once I know bottom is in I back up the truck. Crashes are best times to get rich. Take care.
Bitcoin’s price has already dropped below the $20,000 mark, and its bottom so far appears to have been slightly below $18,000, slightly above Kiyosaki’s $17,000 prediction.
Commenting on the crash, Kiyosaki, who was calling Bitcoin “open source people’s money” in April 2021 and saying that he loves Bitcoin back in October 2021, initially suggested cans of tuna fish and baked beans “are the best investments” as people cannot eat “gold, silver, or Bitcoin.”
$ADA: Is Crypto Space ‘Ready for What Cardano Is Getting Ready To Deliver’?
Over the week Dan Gambardello, founder of Crypto Capital Venture, hinted that he expects Cardano is going to surprise more than a few people in the crypto space with the enhancements and/or apps it is promising to deliver in the coming weeks/months.
Pseudonymous Twitter user ADA whale has pointed to more than 20 projects being built on top of the blockchain they expect to launch in the near future and that are set to boost Cardano’s use cases.
ADA whale
1/Right now is an exciting time to be involved in #Cardano

I’m seeing an insane amount of activity, and like a good decentralised ecosystem it's hard to keep up

Thought it might be beneficial to summarise the top 20 things I personally am eagerly anticipating. Lmk what I missed
Among Cardano’s upcoming improvements is Pipelining, which is “effectively, an evolution in Cardano’s ‘plumbing’. It is a key element in our scaling plan this year,” described John Woods, Director of Cardano Architecture at IOG.
The Cardano blockchain is set to undergo the Vasil hard fork on June 29. The fork is expected to bring a “massive performance improvement.” The crypto community has recently predicted that the price of Cardano’s native $ADA token will surpass the $1 mark by the end of June, after the implementation of the fork.
The Vasil hard fork is a major upgrade that will involve four Cardano Improvement Proposals (CIPs). 
Bitcoin ($BTC) Whale Activity Jumps to 4-Month High
Bitcoin whale activity has recently surged to a 4-month high as $BTC whales have started buying the flagship cryptocurrency’s dip as it approached the critical support at $20,000 and threatened to drop below it.
According to cryptocurrency analytics firm IntoTheBlock, which uses a metric called Large Holders Inflow to track the funds going into addresses belonging to BTC whales, the largest inflow since February of this year was spotted this week, with 116,000 bitcoins worth $2.5 billion moving in a single day.
IntoTheBlock
Whales are moving

Large Holders Inflow tracks the funds going into addresses belonging to whales

Yesterday we spotted the largest inflow since Feb with 116k $BTC, pointing to a potential bottom in price as these addresses tend to buy in size following significant correction https://t.co/MnRZygdYxB
Per IntoTheBlock, the movement may point to a potential bottom of the cryptocurrency’s price as “these addresses tend to buy in size following significant market corrections.” 
El Salvador’s President Has Some Words of Advice for Bitcoin HODLers
On Sunday (June 19), Salvadoran President Nayib Bukele offered some advice to those Bitcoin holders who might be feeling nervous or worried right now about the recent crash in the price of Bitcoin.
On social media, President Bukele noted he sees “some people are worried or anxious about the Bitcoin market price,” and advised HODLers to “stop looking at the graph and enjoy life. If you invested in BTC your investment is safe and its value will immensely grow after the bear market.
Per the President, “patience is the key.” El Salvador, it’s worth noting, made Bitcoin legal tender last year after passing the “Bitcoin Law,” which became effective in September 2021. The country has invested in the flagship cryptocurrency and is said to hold over 1,600 BTC.
What Else Is Going On?
Cryptocurrency investor sentiment is remaining low as its Fear & Greed index, which serves as an aggregate for investor confidence and attitude towards the market, dropped from 13 earlier this month to 9, showing a state of “extreme fear.” The index has risen from 6 when BTC dropped below $18,000.
The index, it’s worth noting, is based on emotional behavior in the market. When fear sets in, some investors may see a buying opportunity, while greed may be a sign the market is due for a correction.
Total value locked in the decentralized finance (DeFi) space has meanwhile plunged to $73.4 billion, according to data from DeFiLlama. MakerDAO, the entity behind the DAI stablecoin, makes up 10.86% of the TVL with little over $7.8 billion on its protocol.
DeFi Total Value Locked
DeFi Total Value Locked
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CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary @CryptoGlobeInfo

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