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XRP Nets $1.5 Million in Fund Flows Amid ETF Boom

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Mon, 11/03/2024 - 15:55
XRP Nets $1.5 Million in Fund Flows Amid ETF Boom
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The latest CoinShares report on the flow of funds on the market of crypto-oriented investment products has revealed significant movements within the landscape. Notably, XRP-oriented investment products attracted a noteworthy $1.5 million influx just last week. This marks a continuation of the upward trajectory for XRP, with a total of $2.3 million flowing in since the beginning of March and a substantial $9 million since the commencement of the year.

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XRP's ascendancy as one of the leaders among altcoin-oriented investment products is underscored by these figures. Only Solana (SOL), with $23.6 million, and unexpectedly Polkadot, with $2.7 million, have shown higher inflows, demonstrating XRP's enduring appeal to investors.

Source: CoinShares

The surge in XRP inflows coincides with a broader uptick in the cryptocurrency market, bolstered by Bitcoin's historic price surge and a substantial influx of funds into Bitcoin ETFs. The ongoing ETF boom has propelled digital asset investment products to record-breaking heights, with weekly inflows reaching an impressive $2.7 billion. This brings the total inflow year-to-date to $10.3 billion, inching closer to the record $10.6 billion inflows witnessed in the entirety of 2021.

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Moreover, the buoyant market conditions have translated into staggering trading turnover figures, reaching $43 billion for the week, a substantial increase from the previous week's record of $30 billion. These recent price gains have also propelled total assets under management (AuM) to a record high of $94.4 billion, marking a remarkable 14% surge over the last week and an astounding 88% rise year-to-date.

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