XRP contributes to inflows in crypto products with triple weekly increase
Despite poor funds flows into crypto-oriented products, XRP has seen a three-fold increase in inflows, CoinShares reported. While the week before last saw a fund inflow of $100,000 into XRP-focused crypto products, this time it was already $300,000.
XRP remains one of the few cryptocurrencies products that has continued to attract funds for the past six weeks. Despite negative market dynamics and the ongoing SEC v. Ripple litigation, with regulators’ plans to have XRP recognized as a security, the project continues to stay afloat.
Funds inflows into XRP-oriented products are also up $500,000 month over month. Year over year, the data is even better, with a surplus of $8.5 million.
Crypto assets flows last week
In addition to XRP, crypto products focused on Bitcoin, Short Bitcoin, Solana and Cardano also had positive funds flow values. The overall result of the week was a $7.3 million fund flow surplus, the first in the last six weeks.
Despite the positive values, the CoinShares analyst notes mixed sentiment on the crypto market, as well as a lack of engagement among investors. The same is reflected in the simultaneous inflow of funds to both Bitcoin itself and its Short variant.
In addition, it is worth noting the second in a row weekly outflow of $15.4 million from Ethereum, a reflection of investors’ views on the blockchain’s transition to the proof-of-stake consensus. Crypto enthusiasts remain cautious in the current market, the analyst highlights.