Coinshares, an alternative asset management company, has published a new crypto report that showed many older coins and tokens coming back to life with its Exchange Traded Product (ETP), a crypto-backed security asset, showing huge inflows, beating most popular cryptocurrencies.
Three cryptocurrencies were highlighted in the report, which are $MANA, $LDO, and $BAT, three cryptocurrencies that have been shying away from the spotlight in the crypto market.
$MANA, $LDO, and $BAT Sees Inflows
The report showed that the three cryptocurrencies saw a huge inflow of funds on its ETP last week, from April 8th to April 12th, 2024.
Inflows mean that institutional investors are buying the ETP, which means that new funds are flowing into the cryptocurrencies that are backing the ETP.
The three have managed to beat other popular cryptocurrencies which saw outflows or huge selling pressure last week.
Some of it includes Bitcoin and Ethereum, which saw huge outflows across the board, where Bitcoin lost more than $100 Million of funds due to the selling pressure of the ETP and $28 Million of funds from Ethereum’s ETP.
Coinshare’s Crypto ETP Flow Report : Source: Coinshares
During that time, the $MANA-backed ETP received the highest inflow with $4.89 Million of buying volume from institutional investors.
The ETP was closely followed by $BAT which had $2.89 Million of inflow into it, almost less than 50% than $MANA’s ETP but still more than other cryptocurrencies.
$LDO’s ETP closely trails behind $LINK’s ETP with a $1.8 Million inflow in just a week, raising curiosity on why this is happening.
Retailers are confused as to why this is happening since the three cryptocurrencies have not been making headlines in the last couple of months.
This prompted speculations that institutional investors know something that the market does not, which usually is a sign of new funding of development plans among those three projects.
Similarities Between Them
Another aspect that can be seen from this speculation is the similarities between the three tokens movement.
Currently, all of them are consolidating in a range after they experienced a huge correction due to the market’s volatility and the overall low development news of the projects.
The consolidation prompted signs of recovery as the tokens and coins seemed to be in an oversold condition, which raised speculations that institutional investors are capitalizing on this potential to receive huge rewards later on.
If more and more retailers saw these similarities, then there is a potential for the three tokens and coins to recover, essentially creating a new trend of older cryptocurrencies coming back to life.
However, there are no signs of realization yet from these speculations, so in the meantime, it is better to spectate the movement of these cryptocurrencies before deciding to buy into them.
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