Institutional Inflows Into XRP Surges 244% Amid ETF Speculation


XRP has reacted positively since the launch of spot Bitcoin ETFs in the US, both in its price and general market sentiment. At the same time, recent data from CoinShares on the weekly inflow into digital asset funds reveal that the positive sentiment flowed into XRP-based investment products, with institutional investors increasing interest amid speculations of whether a spot XRP ETF might soon hit the market. As a result, weekly net inflows into XRP jumped 244% last week, registering a total of $2.2 million.  

Institutional Investors Look To XRP Amid Crypto ETF Hopes

According to various reports, particularly one from on-chain analytics platform Santiment, social media mentions and popularity of XRP increased alongside Ethereum in the days after the SEC gave the green light on spot Bitcoin ETFs. 

How To Get Free Crypto  

This isn’t surprising, as the approval of these ETFs signalled a change in the crypto investment landscape, leaving investors wondering whether we might see the US regulator approving an XRP spot ETF soon. For instance, Valkyrie’s Chief Investment Officer, Steve McClurg, noted that an XRP ETF could also be approved in the near future.

According to CoinShares data, the speculation led to the crypto receiving a net inflow of $2.2 million last week, a dramatic 244% jump from $0.9 million recorded in the week before. Notably, this inflow is significantly more than the one recorded in the days following Ripple’s partial victory against the SEC in court.

Consequently, this year’s total inflow into XRP-based products now sits behind only Cardano and Ethereum among altcoins.  

Token price begins recovery | Source: XRPUSD on Tradingview.com

Inflow Into Asset Funds Post Bitcoin ETF Fail To Break Record

 Digital asset funds recorded an enormous inflow of $1.18 billion last week. While this number represented a spike of 680% from the $151 million registered in the week before, it failed to break the $1.5 billion record set at the launch of the futures-based Bitcoin ETFs in October 2021. On the other hand, trading volume was $17.5 billion last week, the highest weekly volume on record. 

As expected, the majority of last week’s inflow went to Bitcoin-based funds, with $1.14 billion. However, Bitcoin’s price has failed to meet expectations after spot Bitcoin ETFs hit the market. At the time of writing, the crypto is trading at $42,847 and is posting an 8% decline in a 7-day timeframe. 

Coinbase Banner  

Ethereum came in second place with $25.47 million in inflows last week. In terms of geographical location, the United States dominated, seeing $1.24 billion of inflows last week, while Switzerland followed with a $21 million inflow. 

Featured image from U.Today, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Go to Source
Author: Scott Matherson


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.