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CoinShares has published a weekly report covering recent inflows into crypto-based products, including ETFs. This document reveals that while XRP has left many top altcoins behind, Bitcoin remains the leader in this market.
Meanwhile, expectations of XRP ETF approval have witnessed an impressive increase recently.
Bitcoin smashes XRP, ADA, LTC by inflows
According to the CoinShares report, the majority of financial institutions still prefer to bet their money on the two leaders of the cryptocurrency market – Bitcoin and Ethereum.
Last week, BTC pulled in a staggering $1.114 billion, while Ethereum absorbed much less but still surpassed the rest of the top 20 altcoins - $123.8 million. Monthly inflows for BTC total $2,379 billion, while for Ethereum this figure stands at $1.003 billion.
Next after BTC and ETH by size of recent investments comes SOL, with its $2.80 million in weekly and $3 monthly inflows. XRP is breathing down its neck, having secured $2.7 million last week and $10.5 million over the past month. By year-to-date inflows, XRP has overshadowed SOL with $209 million versus $86 million.
Litecoin, Cardano and Chainlink’s inflows were much smaller than that, totalling $0.20, $0.30 and $0.60 million, respectively.
The overall weekly inflows constitute $1.239 billion, proving growing investor confidence in this type of asset on the market these days.
XRP ETF approval expectations soar 91%
In the meantime, crypto users continue to bet that the SEC will finally give the green light to an XRP ETF this year. Today, the prediction platform Polymarket shows that the probability of approval this year in the U.S. has increased to 91%, having added 1% in the past four days.
The earlier rise to 90% marked a 19% increase from a previous value. As reported by U.Today, a week ago, the U.S. Securities and Exchange Commission delayed a decision on the XRP ETF filing submitted by the $1.4 trillion Franklin Tempelton behemoth.
Meanwhile, Canada has already allowed its own XRP ETF – it was launched by one of the local fund managers, Purpose Investments. Last week, they waived the management fee for their newly launched crypto product.
This weekend, XRP crashed by almost 10%, hitting a bottom at $1.93. By now, the asset's price has recovered 3.37%, and XRP is changing hands at $2.
Vladislav Sopov
U.Today Editorial Team