The last week has proven extremely strong for XRP as the asset regained momentum across both its spot and ETF markets, following its recent price rally.
Over the period, XRP saw its price suddenly flip bullish after seeing stronger demand from investors, causing its ETF market to post its best weekly performance since May.
Nearly $40 million fresh capital
Per data provided by SosoValue, XRP ETFs saw steady inflows on nearly all days of the week as they attracted a total of $39.78 million in net inflows last week.
While this is coming after multiple weeks of recording little to no fresh capital, the inflows seen last week mark a major recovery from a prolonged period of relatively muted demand.
The largest share of the fresh capital flowed in on August 21st, when XRP rallied by over 20% within a 24-hour period and the XRP ETFs also recorded $18.38 million in net inflows during the same day.
This resurgence in demand for XRP ETFs triggered an increase in their cumulative net inflows, causing them to rise to a massive $1.55 billion milestone since they launched late last year.
Bitwise continues to buy XRP
While the major XRP ETF recovery came amid a broader crypto market resurgence, XRP's price rallied by nearly 60% over the period, drawing attention to the leading altcoin.
Amid the bullish momentum, institutional investors continued to increasingly demand the XRP product through Bitwise as the firm led all XRP funds on all their positive trading days.
While Bitwise also led the latest inflow with a fresh capital intake of $16.89 million, the Bitwise XRP ETF now boasts about $443.46 million in net assets.
U.Today Editorial Team
Dan Burgin
