Key Notes
- CoinShares reported digital asset weekly outflows of $1.94 billion in the past week.
- Bitcoin, Ethereum, and Solana Records outflows of $1.27 billion, $589 million, and $156.2 million, respectively.
- XRP recorded inflows worth approximately $89.3 million to change the trend.
XRP
XRP
$2.08
24h volatility:
1.3%
Market cap:
$125.44 B
Vol. 24h:
$4.61 B
has surprised crypto enthusiasts by going in a different direction, while most cryptocurrencies struggled this past week.
It recorded inflows of $89.3 million, while other digital asset investment products saw $1.94 billion of outflows last week.
The outflows bring the four-week total to $4.92 billion. CoinShares noted that this is the third-largest outflow run since 2018.
XRP Records $89.3 Million in Inflows
CoinShares published its Digital Asset Funds Flow Weekly report, which showed massive outflows from Bitcoin
BTC
$86 329
24h volatility:
0.7%
Market cap:
$1.72 T
Vol. 24h:
$73.11 B
and other assets. The outflows from last week were as high as $1.94 billion, with Bitcoin leading at $1.27 billion.
By Friday of the same week, the flagship cryptocurrency saw a rebound that led to $225 million inflows. However, this was not sufficient to erase the previous outflows.
Ethereum
ETH
$2 840
24h volatility:
0.2%
Market cap:
$342.46 B
Vol. 24h:
$25.48 B
followed with $589 million outflows after suffering more withdrawals over the last week.
The outflow represents 7.3% of its Asset Under Management (AuM). ETH outflows from the week before were capped at $689 million.
A week before then, when the crypto outflows came in at $1.17 billion, with ETH accounting for $438 million of the total.
The week that ETH recorded $689 million in outflows, XRP also saw $15.5 million in outflows. This time around, it decided to go positively sideways while the other crypto assets moved towards the red. CoinShares’ report shows that it had up to $89.3 million in inflows
Why Did XRP Buck the Outflow Trend?
It is worth acknowledging that XRP has been trending for a number of reasons. Blockchain analytics platform Santiment made a list of possible reasons for XRP’s spotlight.
One is the launch of spot XRP Exchange Traded Funds (ETFs), which started with Canary Capital’s XRPC.
On trading day one of XRPC, it recorded up to $58 million, outperforming the Bitwise Solana ETF that was launched earlier.
Bitwise Asset Management has also launched its spot XRP ETF. Surprisingly, it secured the asset’s native ticker, suggesting strong exchange confidence in the product’s status as a primary altcoin for institutional investors.
Meanwhile, the Ripple-associated coin may also be trending because of its underperforming price. At press time, XRP traded at $2.05, with a 0.89% rally within the last 24 hours.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
