Here’s why XRP-focused investment products had less than $0.5 million in inflows

According to the CoinShares report, digital asset investment products saw record weekly inflows for this year, summing up to $274 million as last week. This is the highest level since the start of 2022. However, XRP-focused investment products had less than $0.5 million in inflows… Here are the reasons.

Decoding why XRP-focused investment products saw ‘pity’ inflows

Last week, CoinShares netted their highest inflows since late 2021 as investors bought into market panic as per the latest Digital Asset Fund Flows weekly report.

Source: CoinShares

Given the difficulty caused by the UST failure, investors viewed the related broad-based sell-off as a buying opportunity. Consider this: UST has seen AuM drop 99% for the week. Even so, some intrepid investors added $0.043 million to positions. Geographically, North American investors saw inflows of around $312 million. In contrast, European investors were polarized but overall saw inflows totaling $38 million.

Bitcoin remains the main philanthropist, with inflows of $299 million last week, showing that investors are flocking to the relative safety of the largest digital asset. Short-Bitcoin saw a small inflow of $0.7 million, a slow increase from previous weeks.

Source: CoinShares

However, altcoins, especially Ethereum, continue to see a sad result as last week’s outflows hit $27 million, bringing ETH’s total annual outflow to $236 million. Multi-asset digital investment products, or those that invest in multiple cryptocurrencies, raised $8.6 million in investments last week. The centralized investment products XRP, Cardano (ADA), Litecoin (LTC), and Tron (TRX) had less than $0.5 million in inflows during the same period.

The situation remains uncertain due to panic among Blockchain stock investors. The outflow accounted for $51 million, the third-largest recorded outflow according to the report. This time, the main flow of capital is Purpose ETF, with a total amount of about 285 million. But there was a large amount of capital outflow from the Purpose ETF on May 13. Excluding the Purpose inflows, last week’s inflows and outflows remained flat. Don’t forget that Purpose is the largest Bitcoin exchange-traded fund provider listed in Canada.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS