CoinShares said that XRP has witnessed a three-fold surge in inflows despite weak money flows into crypto-focused products. XRP-focused cryptocurrency products had a capital inflow of $100,000 the week prior, but this week it was already $300,000.
Source: Coinshares
XRP Price Triples Funds Inflows in One Week, Remains Strong Despite Bear Market
One of the few cryptocurrencies that have continued to draw investment over the past six weeks is XRP. The initiative is still running strong despite unfavorable market conditions and the ongoing SEC v. Ripple dispute, thanks to authorities’ ambitions to get XRP recognized as a security.
Funds inflows into XRP-oriented products are also up $500,000 month over month. The statistics are even better year over year, with an excess of $8.5 million.
XRP was not the only cryptocurrency product with favorable funds flow values; Bitcoin, Short Bitcoin, Solana, and Cardano products were as well. A $7.3 million fund flow surplus, the first in the previous six weeks, was the overall outcome of the week.
Despite the favorable figures, the CoinShares analyst observes a lack of investor participation and conflicting opinions about the cryptocurrency industry. The simultaneous infusion of money into Bitcoin itself and its Short form reflects the same.
Despite the favorable figures, the CoinShares analyst observes a lack of investor participation and conflicting opinions about the cryptocurrency industry. The simultaneous infusion of money into Bitcoin itself and its Short variant reflects the same.
Also noteworthy is the second consecutive weekly outflow of $15.4 million from Ethereum, which reflects investor sentiment on the blockchain’s switch to proof-of-stake consensus. The expert emphasizes that crypto fans are still being cautious in the present market.
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