XRP has responded positively in terms of price and general market sentiment following the launch of the spot Bitcoin ETF in the US. At the same time, recent data from CoinShares on weekly inflows into digital asset funds shows that positive sentiment has flowed into XRP-based investment products and interest from institutional investors is growing. Is it a spot XRP ETF? It may hit the market soon. As a result, weekly net inflows into XRP last week increased by 244%, totaling $2.2 million.
Institutional investors are looking to XRP amid hopes for a cryptocurrency ETF.
According to various reports, especially on-chain reports: Analytics Platform SantimentIn the days since the SEC gave its approval for a Bitcoin ETF, mentions and popularity of XRP on social media have increased along with Ethereum.
The approval of these ETFs marks a shift in the cryptocurrency investing landscape, which is not surprising as investors are wondering if we will soon see US regulators approving an XRP spot ETF. for exampleSteve McClurg, Valkyrie’s Chief Investment Officer, noted that an XRP ETF could also be approved in the near future.
According to CoinShares data, speculation led to the cryptocurrency garnering net inflows of $2.2 million last week, a dramatic 244% increase from the $900,000 recorded the previous week. In particular, this inflow is much higher than the recorded inflow. next day Ripple wins a partial victory against the SEC in court.
As a result, total inflows into XRP-based products this year now trail Cardano and Ethereum among altcoins.
Token price begins recovery | Source: XRPUSD on Tradingview.com
Inflow into asset funds after Bitcoin ETF fails to break record
The digital asset fund recorded a huge inflow of $1.18 billion last week. This figure represents a 680% jump from $151 million. registered a week agoIt failed to break the $1.5 billion record set at the launch of the futures-based Bitcoin ETF in October 2021. Meanwhile, last week’s trading volume was $17.5 billion, the highest weekly trading volume.
As expected, most of last week’s inflows, at $1.14 billion, went into Bitcoin-based funds. However, since the spot Bitcoin ETF hit the market, the Bitcoin price has failed to meet expectations. At the time of writing, the cryptocurrency is trading at $42,847 and is down 8% in 7 days.
Ethereum came in second place with inflows of $25.47 million last week. In terms of geography, the United States dominated with inflows of $1.24 billion last week, followed by Switzerland with $21 million.
Featured image from U.Today, chart from Tradingview.com
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