Institutional Investors Bet on Cardano and Polkadot

#2・
27

issues

Subscribe to our newsletter

By subscribing, you agree with Revue’s Terms of Service and Privacy Policy and understand that CryptoGlobe Weekly Summary will receive your email address.

CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary
Cryptocurrency prices largely recovered over the past week, with the flagship cryptocurrency Bitcoin ($BTC) moving up 3.5% to get close to the $31,000 mark at the time of writing. Meanwhile, gold moved up .017% while the S&P 500 gained 4.45% in a relief rally.
Year-to-date, Bitcoin is the worst-performing of all three, being down nearly 36%. The S&P 500 index has lost 13% of its value so far this year, while the precious metal moved up over 3.1%, A plethora of factors, including the war in Ukraine and rising inflation, have driven investors away from risk assets like cryptoassets and equities, and into safer assets like gold.
The cryptocurrency space’s market capitalization is still at around $1.25 trillion. It’s significantly down from its all-time high around the $3 trillion mark.

Institutional Investors bet on Cardano ($ADA), Polkadot ($DOT)
Over the week, CoinShares’ latest Digital Asset fund Flows Weekly report revealed institutional investors turned to altcoins amid the wider cryptocurrency market downturn, which was exacerbated by the collapse of the Terra ecosystem.
Specifically, institutional investors bet on two altcoins the most: Cardano ($ADA), and Polkadot ($DOT). Per the report, last week’s crypto investment product outflows totaled $154 million in the Americas, while Europe saw $12.4 million in inflows.
CoinShares 👩‍🚀
[2/4] Bitcoin was again the primary focus with a swing from inflows the prior week to outflows totalling US$154m last week, while short bitcoin saw outflows totalling US$1.1m.
While Bitcoin and short Bitcoin flows were negative in the last week, institutional investors have also been diversifying their holdings through multi-asset investment products, which saw inflows of $9.7 million.
Out of the multiple cryptoasset investment options available, institutional investors allocated $1 million into Cardano investment products, with a similar amount going to Polkadot investment products.
Cardano as a Top 10 Cryptoasset
A popular cryptocurrency analyst has on social media explained why he believes Cardano has managed to remain a top 10 cryptoasset during the ongoing bear market.
Plan©️
I think people misunderstood my post about #Cardano, I was saying their impressive, passionate, and patient community is a placeholder that is keeping the project in the top 10 and giving the team time to roll out the tech. #ADA
According to the analyst, the cryptocurrency has a “respected and vocal leader” and a “crazy loyal, united & strong community.” Cardano’s leader is Charles Hoskinson, who helped co-found Ethereum before moving to Cardano.
Hoskinson is well-known on social media for supporting the cryptocurrency’s ecosystem and its growth while being involved in the development of the technology behind Cardano. Earlier this year, as reported, Hoskinson suggested that Cardano will “have the same type of performance as Solana” by the end of the year.
Terra Burns 1.3 Billion UST Ahead of LUNA 2.0 Airdrop
The Terra community has voted through the protocol’s governance system to burn all TeraUSD ($UST) that the project’s community pool held, along with the UST deployed for past liquidity incentives on the Ethereum network.
Roughly 11% of the cryptocurrency’s existing supply was affected by the governance vote, meaning 1.3 billion UST are being effectively removed from circulation thanks to the governance proposal, which was approved with 99.39% of the votes.
The vote came before the launch of the new Terra blockchain, meaning that the burnt tokens are now known as USTC, or UST Classic, and are on the Terra Classic blockchain.
The new blockchain hosts the LUNA 2.0 token and is essentially Terra without the algorithmic stablecoin. LUNA 2.0 was airdropped to LUNA token holders who had a balance before and after the crash.
The new chain’s LUNA has a fixed total supply of 1 billion tokens, which trade separately from the original LUNA Classic, which saw its supply balloon to 6.5 trillion after UST’s collapse.
Shiba Inu Announcement to ‘Floor Everyone’
The team behind the meme-inspired cryptocurrency Shiba Inu ($SHIB) has dropped the first clue on an upcoming announcement that according to the cryptocurrency’s lead developer Shytoshi Kusama will “floor everyone.”
The SHIB team has said that entertainment industry veteran Marcie Jastrow has joined its metaverse team and will be working on the project, called “Shib: The Metaverse.”
Kusama declined to go any further into the upcoming announcement, which they have in the past said would “break the internet.” They said that “at this caliber, I can’t even divulge anything. But I will say they are very impressed.”
Marcie Jastrow was welcomed by the Shiba Inu team and community to work on the meme-inspired cryptocurrency’s metaverse project. Jastrow has over 20 years of experience working in the entertainment industry and was an “early pioneer in Immersive.”
🐶 𝕊ℍ𝕀𝔹 𝕁𝕆𝔼 🐶
For those who don't know, @marciejastrow was SVP of imersion at technicolor. Technicolor has worked on titles such as...

Call of Duty
GTA
FIFA
NBA2K
Resident Evil
Mortal Kombat
Etc.

That's an EPIC resumé! She will now be part of the #ShibTheMetaverse Team! LFG #SHIBARMY
The executive will assist the Shiba Inu team in securing brand partnerships and is tasked with “providing a broad approach that impacts the story behind constructing the environment in order to deliver an exceptional product which incorporates multiple factors.”
Ripple co-Founder Jed McCaleb sold 450 Million $XRP YTD
Ripple co-founder Jed McCaleb has sold over 450 million $XRP tokens so far this year, and still has a balance of around 220 million tokens in his “~tacostand” wallet, according to data from XRP Ledger explorer XRPScan.
McCaleb is said to have started working on Ripple back in 2011, and was part of its founding team when the firm launched in 2013. While he left it in 2014 to work on Stellar (XLM), he was awarded 8 billion XRP tokens for his role in developing and founding OpenCoin, which was later rebranded to Ripple.
The entrepreneur receives the funds on a fixed schedule and has made it clear via XRP Talk, a forum for XRP investors and proponents, that he plans on selling the funds he receives, as he has already donated part of the funds to charities such as Give Directly, Literacy Bridge, and others.
On-chain data has shown that whales in the XRP Ledger with between 1 million and 10 million $XRP on their wallets have been quietly accumulating tokens, to the point their holdings rose 2.4% over the past 11 days and now hold 6.12% of the cryptocurrency’s supply.
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 24 earlier this month to 10, showing a state of “extreme fear.”
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 dropped slightly after Terra’s collapse when measured in U.S. dollars from around $114 billion to around $110 billion, according to data from DeFiLlama. MakerDAO, the entity behind the DAI stablecoin, makes up 8.91% of the TVL with over $9.8 billion on its protocol.
A sharp drop in total value locked in the DeFi space was seen earlier this month amid the collapse of the Terra ecosystem, which saw LUNA and UST both become nearly worthless.
Other Top Stories
Cardano Whale Tells Institutional Investors ‘Here for the Long Term’ Why They Should Buy $ADA | Cryptoglobe
MicroStrategy CEO on Bitcoin: “I’ll Be Buying at the Top Forever” | Cryptoglobe
Where is Binance Located? | Cryptoglobe
Did you enjoy this issue? Yes No
CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary @CryptoGlobeInfo

Leading #crypto and #blockchain news source. Breaking news, data-driven research and thought-provoking opinion pieces.

In order to unsubscribe, click here.
If you were forwarded this newsletter and you like it, you can subscribe here.
Created with Revue by Twitter.