A recent report by CoinShares has revealed impressive gains for XRP, solidifying its position as a frontrunner among crypto investment products. The surge in inflows has propelled XRP to new heights, with a remarkable influx of funds totaling $240,000 in the past week alone. This surge adds to the cumulative value of XRP, which now stands at an impressive $6 million since the start of the year.
Gamza KhanzadaevHowever, the positive momentum was not limited to XRP alone, as the entire market experienced a surge of optimism. Digital asset investment products witnessed their largest weekly inflows of the year, with an overwhelming $199 million flooding onto the market. This surge effectively counteracted almost half of the outflows observed over the past two months.
Unquestionably, the primary beneficiary of this resurgent market sentiment has been Bitcoin, as it attracted an impressive $188 million in inflows last week, accounting for a substantial 94% of the total funds received. Conversely, there has been a sustained outflow from Short Bitcoin products, with withdrawals already surpassing a significant 60% of total assets under management in just two months.
Arman ShirinyanExperts at CoinShares attribute this renewed optimism and influx of funds to recent news regarding large funds filing physical collateral exchange-traded funds (ETFs) with the Securities and Exchange Commission (SEC). Notably, among these institutions, BlackRock, managing an estimated $9 trillion in assets, stands out prominently.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Dan Burgin
Vladislav Sopov