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

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CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary
Cryptocurrency prices moved slightly upward over the past week as investors are anticipating the long-awaited Ethereum Merge, which describes the network’s transition from a Proof-of-Work (PoW) consensus algorithm into a Proof-of-Stake (PoS) consensus algorithm.
As a result, the flagship cryptocurrency’s price has moved up 3.86% over the past week, compared to a 2.61% rise for the stock market’s benchmark index, the S&P 500, and to a 0.22% rise for gold.
The move away from PoW is said to make the network cheaper, faster, and more environmentally friendly, however, it will also mark the end of an income stream for Ethereum miners who were being rewarded for securing the network. The upgrade is expected to reduce Ethereum’s energy consumption by 99.95%.
As investors anticipate the merge, rival layer-1 blockchain networks that support smart contracts have also been seeing their prices rise. 

FYI: The CryptoGlobe newsletter team is going on holiday until September, so expect the new issue to come then.
Institutional Investors Bet on $ETH, $ADA, and $SOL
Institutional investors have allocated their bets to smart contract networks including Ethereum ($ETH), Cardano ($ADA), and Solana ($SOL) as well as to multi-asset investment products ahead of Ethereum’s long-awaited transition to a Proof-of-Stake (PoS) consensus mechanism.
According to CoinShares’ Digital Asset Fund Flows report, digital asset investment products saw inflows totaling $3 million last week, making it the sixth consecutive week of inflows, totaling $529 million, which represents 1.7% of the total assets under management.
While the flagship cryptocurrency Bitcoin saw minor outflows toiling $8.5 million and short-BTC investment products recorded outflows totaling $7.5 million, investment products focusing on smart contract networks saw significant inflows.
Ethereum, it adds, saw inflows totaling $16 million and is enjoying its seventh consecutive week of inflows totaling $159 million. The report adds:
The report shows Ethereum rivals also enjoyed inflows, with Solana seeing $600,000 in inflows over the week, and Cardano seeing $200,000. Multi-asset investment products saw $1.1 million in inflows as well. Investment products focusing on $BNB notably also saw $100,000 in inflows.
Shiba Inu ($SHIB), $AVAX, and $XRP Can Now be Used to Pay at Over 60 Million Merchants Worldwide
Shiba Inu ($SHIB), which is potentially the world’s most popular meme-inspired cryptocurrency, and $XRP, an extremely popular cryptocurrency improving cross-border payments, can now be used as payment methods at over 60 million merchants worldwide.
According to a recent announcement published by leading cryptocurrency trading platform Binance, both cryptocurrencies are, along with Ethereum Virtual Machine-compatible Avalanche ($AVAX), being added as payment methods to its popular Binance Card.
Shib
We are pleased to announce that @binance has added SHIB to the list of supported tokens for the Binance Card issued in Europe.

You can now pay with SHIB at 60+ million merchants worldwide. Furthermore, get up to 8% cashback and zero annual or FX fees!

https://t.co/0Xj7IXPyt0 https://t.co/FqINtnHFWx
Binance’s announcement notes that the Binance Card is only available for users living in the European Economic Area (EEA) and Ukrainian refugees residing in a country belonging to the EEA. The move means Binance Card now supports 14 cryptocurrencies including Bitcoin ($BTC), BNB ($BNB), $BUSD, Polkadot ($DOT),FC Porto Fan Token ($PORTO), $USDT, and Cardano ($ADA).
$MATIC: Coca-Cola Drops ‘Special Digital Collectible’ on Polygon
On the day that “International Friendship Day” is celebrated in the U.S., Coca-Cola announced that it is “thanking fans who’ve been a part of the brand’s journey into the metaverse over the last year with a special digital collectible drop.”
Polygon Studios
Experience the real magic of friendship!

@cocacola just launched first-of-a-kind, generative, and shareable collectibles #onPolygon to celebrate International Friendship Day.

Details👇

[1/3] https://t.co/7s0FqM1ZJH
Polygon is “a decentralised Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing on security.”
Coca-Cola’s announcement noted that the new collectible features “a design inspired by the bubbles inside a Coke bottle, as well as themes of connection and unity,” and that it was airdropped” to the digital wallets of existing Coca-Cola collectible owners on July 30.”
The lucky recipients can “share a second International Friendship Day collectible with a friend to build the brand’s community of fans on the open blockchain.”
Cardano ($ADA) Logo Appears on a Car Taking Part in a NASCAR Race
Recently, a race car driven by Trent Barnes took part in a NASCAR event held at the Dominion Raceway in Thornburg, Virginia.
What made the car stand out was that it featured large decals on the sides and in the front that featured the Cardano name and logo. The idea of promoting Cardano in this way came from a stake pool operator (SPO).
Recently, a Messari report suggested that Cardano ($ADA) is being ‘aggressively priced’ ahead of the Vasil hard fork, at least when compared with rival smart contract networks that aren’t Ethereum, including Solana ($SOL), Algorand ($ALGO), Tezos ($XTZ), and $NEO.
Cardano’s active addresses are far below those of Solana, but tower those of Algorand, Tezos, and NEO, although it processed around 62,000 daily transactions, compared to over 296,000 from Algorand, 208,000 from Tezos, and 174,00 for NEO. Solana processes over 38 million daily transactions.
The total value locked on Cardano’s decentralized finance space is below that of Solana and Algorand, while its annualized revenue tops all other competitors except Ethereum.
Taking this into account, Messari found Cardano is “aggressively priced” when it comes to its total value locked multiple, which is based on the value locked on its DeFi applications, and on its transaction multiple, which is based on the cryptocurrency’s daily transactions.
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, has risen to 45, maintaining a state of “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 dropped to $66.12 billion, according to data from DeFiLlama. MakerDAO, the entity behind the DAI stablecoin, makes up 13.49% of the TVL with little over $8.92 billion on its protocol.
Other Top Stories
FTX US President Says Crypto Winter Is ‘Starting To Thaw’ | Cryptoglobe
“ADA Whale” on Cardano’s Three Main Advantages Over Other PoS L1 Blockchains | Cryptoglobe
$ETH: The “Merge” Protocol Upgrade Will Not Lower Ethereum’s Gas Fees | Cryptoglobe
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