- 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.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.