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XRP Shows Phenomenal Result Amid Largest Weekly Funds Outflows Ever

Mon, 03/13/2023 - 15:43
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Gamza Khanzadaev
Traditional investors show abnormal interest in XRP despite outflows totaling hundreds of millions of dollars
XRP Shows Phenomenal Result Amid Largest Weekly Funds Outflows Ever
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According to CoinShares' latest weekly report on funds flows into cryptocurrency-oriented investment products, XRP ended the recent period with an inflow of $300,000. The figure, insignificant at first glance, becomes much more representative when we realize that the past week was the largest in terms of outflows ever witnessed. Investors withdrew $254.5 million from such funds on the back of news about the bankruptcy of regional U.S. banks and the de-payment of USDC.

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In addition to XRP, investor funds flowed into products tied to Solana (SOL) and Polygon (MATIC). These are also the only three altcoins whose inflow value since early 2023 has not been erased by massive outflows. So, as of now, there is a concentration of $1 million in XRP-oriented investment products.

Where do outflows flow into?

It was Bitcoin (BTC) that took the biggest hit last week. According to data, investors withdrew more than $243 million from BTC-oriented financial instruments in the past week. By comparison, this weekly outflow is almost equal to 1% of all assets under management.

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However, while traditional investors are withdrawing funds from cryptocurrency-oriented products in the midst of the biggest banking crisis since 2008, some experts are instead looking to the new digital economy for salvation. For example, Robert Kiyosaki, author of bestselling business book "Rich Dad Poor Dad," has once again urged his followers to reject "fake money" and buy gold, silver and Bitcoin.

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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.