Digital asset investment products experienced a remarkable turnaround after six weeks of outflows totaling $408 million. According to CoinShares' latest report, recent inflows amounted to $160 million, the largest weekly gain since July 2022.
Amid this surge, XRP emerged as one of the top winners among altcoins with inflows of $1.2 million.
The controversial token, which is linked to blockchain company Ripple Labs, is currently trading at $0.48, up roughly 6.3% in the past few hours and about 24% over the past week.
As reported by U.Today, XRP-friendly lawyer John Deaton suggested that the XRP price could potentially surge if Ripple Labs prevails in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
Arman ShirinyanNotably, inflows were recently observed across multiple countries, indicating a broad improvement in sentiment in the asset class. The United States, Germany and Canada led the charge with inflows of $69 million, $58 million and $26 million, respectively.
Bitcoin, the flagship cryptocurrency, was the primary beneficiary, receiving inflows of $128 million. Altcoins such as Solana and Polygon also experienced significant inflows, with $4.8 million and $1.9 million, respectively. These investment surges come amid increasing investor concerns about stability in the traditional finance sector.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin