According to a recent report published by CoinShares, XRP funds recorded a total of $3 million worth of inflows.
It is worth noting that XRP-linked investment products were an outlier. Overall, cryptocurrency funds saw a total of $9.7 million worth of outflows.
The aforementioned figure highlights the bearish sentiment within the cryptocurrency industry, which is still reeling from the implosion of the FTX exchange. The recent controversy surrounding Barry Silbert’s crypto empire Digital Currency Group is also contributing to the growing bearishness.
Bitcoin saw outflows totaling $6.5 million, according to CoinShares.
It is worth noting that funds that are based in Germany and Switzerland saw minor inflows, which suggests that European cryptocurrency investors are a tad more bullish. Meanwhile, funds in the U.S. and Brazil had to deal with substantial outflows.
cardCoinShares suggests that recent developments in Ripple’s legal battle with the U.S. Securities and Exchange Commission might be the reason why XRP funds managed to buck the trend last week.
The high-stakes legal saga is finally expected to reach its resolution in the first half of 2023.
The SEC's potential win will likely create a ripple effect beyond just Ripple—many companies operating in the crypto space may be forced to reassess their own structures and approach to remain compliant with existing regulations.
Godfrey Benjamin
Vladislav Sopov
Dan Burgin