important notes
CoinShares reported weekly outflows of $1.94 billion in digital assets last week. Bitcoin, Ethereum, and Solana Records reported outflows of $1.27 billion, $589 million, and $156.2 million, respectively. XRP recorded an inflow worth around $89.3 million that changed the trend.
XRP
XRP
$2.08
24 hour volatility:
1.3%
Market capitalization:
$12.544 billion
Vol. 24 hours:
$46.1 billion
While most cryptocurrencies struggled last week, cryptocurrencies surprised crypto enthusiasts by going in a different direction.
Last week, other digital asset investment products recorded inflows of $89.3 million while outflows of $1.94 billion.
The outflow brought the four-week total to $4.92 billion. CoinShares noted that this was the third largest outflow since 2018.
XRP records $89.3 million in inflows
CoinShares releases digital asset fund flow weekly report, showing heavy outflows from Bitcoin
BTC
86 329 dollars
24 hour volatility:
0.7%
Market capitalization:
$1.72 trillion
Vol. 24 hours:
7.311 billion dollars
and other assets. Outflows since last week totaled $1.94 billion, with Bitcoin leading the way with $1.27 billion.
By Friday of the same week, the flagship cryptocurrency had rebounded, bringing in $225 million in inflows. However, this was not enough to erase the previous spill.
Ethereum
Ethereum
$2,840
24 hour volatility:
0.2%
Market capitalization:
$34.246 billion
Vol. 24 hours:
$2.548 billion
This was followed by more withdrawals last week, with $589 million outflowing.
The outflow amount is equivalent to 7.3% of assets under management (AuM). The maximum amount of ETH outflows from the previous week was $689 million.
A week earlier, crypto outflows were $1.17 billion, of which ETH accounted for $438 million.
In the week that ETH recorded $689 million in outflows, XRP also recorded $15.5 million in outflows. This time, it has decided to go sideways in positive territory while other crypto assets are heading into the red. CoinShares report reveals up to $89.3 million inflows
Why did XRP buck the outflow trend?
It is worth recognizing that XRP is trending for a variety of reasons. Blockchain analysis platform Santiment has compiled a list of possible reasons why XRP is gaining attention.
One is the launch of a spot XRP exchange-traded fund (ETF) originating from Canary Capital’s XRPC.
On the first day of trading, XRPC recorded up to $58 million, surpassing the Bitwise Solana ETF that was launched earlier.
Bitwise Asset Management also launched a Spot XRP ETF. Remarkably, it has secured a native ticker for the asset, suggesting the exchange’s strong confidence in the product’s status as a leading altcoin for institutional investors.
On the other hand, Ripple-related coins may also be in a trend as their prices are low. At the time of writing, XRP is trading at $2.05, up 0.89% in the past 24 hours.
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Disclaimer: Coinspeaker is committed to providing fair and transparent reporting. This article is intended to provide accurate and timely information but should not be taken as financial or investment advice. Market conditions can change rapidly, so we recommend that you verify the information yourself and consult a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-world applications of blockchain technology and the innovations that drive public acceptance and global integration of emerging technologies. His desire to educate people about cryptocurrencies has also inspired his contributions to popular blockchain media and sites.
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