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XRP sees inflow of $240,000 in a week as crypto funds record largest influx of capital in 2023

  • Crypto investment products observed the largest inflow of capital since July 2022, a total of $199 million from institutional investors. 
  • XRP funds observed a total inflow of $240,000 last week, according to a CoinShares report. 
  • XRP price has remained largely unchanged over the past week, the altcoin is gearing up for a recovery.

CoinShares, a firm that offers physically-backed Exchange Traded Products (ETPs) in Europe, published a report early on Monday revealing that XRP investment products observed an inflow of $240,000 from institutional investors over the past week.

Also read: China crypto narrative is alive as HSBC supports trade in Bitcoin and Ethereum Futures ETF in Hong Kong

XRP funds receive $240,000 in inflows from institutional investors

Despite a week-on-week decline in XRP price, institutional investors poured $240,000 in capital in XRP funds over the past week. Weekly inflows to crypto funds totaled $199 million, the largest volume since July 2022.

CoinShares analysts explained that after nearly nine consecutive weeks of outflows, inflow to XRP funds gathered steam. Bitcoin emerged as the largest single beneficiary of the inflows at $187 million representing 94% of $199 million. The inflow to altcoins with smaller market capitalization is minor when compared to XRP. 

Fund inflows by asset 

The Year-To-Date (YTD) flows in XRP funds is $6 million. These funds have $50 million worth of Assets Under Management (AUM). The inflow to XRP funds is considered significant since the altcoin's price declined week-on-week. On June 19, XRP price was $0.4942 and it declined to below $0.4900 as of Monday. 

Despite the decline in XRP price, the sentiment among institutional investors is largely bullish and driven by the likelihood of a rally in the altcoin. To find out more, check this out.

XRP is likely on the cusp of recovery with the bullish updates in its ecosystem. Ripple’s executives Brad Garlinghouse and David Schwartz’s recent comments on the progress in the Securities and Exchange Commission (SEC) vs. Ripple lawsuit add to the bullish thesis, hinting at a recovery in the short term. Find out more about this here.

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