Bitcoin and XRP are two popular cryptocurrencies that have become some of the main highlights of CoinShares' latest weekly report on outflows and inflows into cryptocurrency-focused investment products.
According to the data, crypto investment products saw $2.2 billion in inflows over the past seven days, the highest since July. Interestingly, the inflows are only seen regionally in the U.S., while all other countries are seeing outflows. CoinShares analyst James Butterfill attributes this to the upcoming U.S. political events in November, which are also affecting inflows into cryptocurrency-focused investment products.
Tomiwabold OlajideOf course, the main cryptocurrency, Bitcoin, with its many variants, is dominating the festivities, taking 97% of the billions in inflows.
At the same time, however, ETFs centered on XRP have also seen inflows, and despite the comparatively smaller figure, it is significant that inflows into them have been steady for many weeks now, meaning that the trend is continuing and money is flowing into XRP.
As a result, $26 million has already flowed into XRP ETPs since the beginning of the year, and some of the major players in the ETP market have started talking about launching an XRP ETF. Bitwise has applied for regulatory approval for such an instrument, suggesting that while there is demand for XRP ETFs, supply is very limited, and there is an urgent need to create them.
Gamza KhanzadaevHow this story plays out remains to be seen, but given the trends that the latest report shows, it would not be surprising to see the XRP ETF soon join Bitcoin and Ethereum in the crypto investment arena.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team