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XRP Eyes Big Fund Inflows as Whopping $200 Million Injected in Epic ETF Boom

Mon, 06/26/2023 - 12:00
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Gamza Khanzadaev
CoinShares reports $200 million in inflows, XRP gets its piece of pie too
XRP Eyes Big Fund Inflows as Whopping $200 Million Injected in Epic ETF Boom
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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.

XRP Fund Inflows Eye Explosive $1 Million Surge as Ripple v. SEC Verdict Nears

However, 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.

Source: CoinShares

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.

BlackRock's ETF Filing Has Problem: VC General Partner

Experts 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.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.