Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest
Inflows into digital asset investment products totaled $233 million last week, the largest since early March. It is, however, nowhere near the record inflow seen in late January. CoinShares, one of the largest crypto asset managers, in its weekly report wrote,
“We believe this recent renewed appetite for digital assets is due to a combination of increasing acceptance from institutional investors, fears for inflation, and price momentum.”
Last week, the price action also pushed assets under management to over $64 billion for the first time.
What’s even more interesting is the crypto assets that the funds have been flowing into. Bitcoin (BTC), without any doubt, continues to see the largest inflows of $108 million, with Ethereum (ETH) right behind at $65 million. This time other altcoins also captured institutions' interest, with XRP, which CoinShares just launched an XRP ETP, being the most popular among all. BTC -12.54% Bitcoin / USD BTCUSD $ 49,907.95
-$6,258.46-12.54% Volume 90.31 b Change -$6,258.46 Open $49,907.95 Circulating 18.71 m Market Cap 933.71 b 7 h Almost 90% Respondents Interested in their Insurance Products Having Links with BTC: Survey 9 h Bitcoin Car to Race at the 105th Indianapolis 500 to Support BTC Awareness and Open-Source Development 10 h CME Group Sees 'Strong Adoption' of Micro Bitcoin Futures ETH -7.18% Ethereum / USD ETHUSD $ 3,949.73
-$283.59-7.18% Volume 79.24 b Change -$283.59 Open $3,949.73 Circulating 115.85 m Market Cap 457.58 b 8 h Balancer Labs Launches V2 With Promises Lower Fees, Higher Yields, and Easy Interface 11 h Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov 11 h Bitwise Launches Crypto Industry Innovators ETF After a Green Light from the SEC XRP -13.66% XRP / USD XRPUSD $ 1.31
-$0.18-13.66% Volume 10.88 b Change -$0.18 Open $1.31 Circulating 35.11 b Market Cap 46.12 b 1 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 5 d BoE Governor Andrew Bailey Says Crypto Investors Trading In A Bubble 5 d Ripple Reports 97% Growth In XRP Sales For Q1 2021 Amid SEC Lawsuit
XRP had weekly inflows of $33 million, nearly doubling its assets under management to $83 million.
Inflows were also seen in Tezos (XTZ) at $7 million, Polkadot (DOT) at $5 million, Bitcoin Cash (BCH) at $4 million, and Binance (BNB) at $3 million. Other crypto assets collectively saw $6 million of inflows. XTZ -11.96% Tezos / USD XTZUSD $ 6.15
-$0.74-11.96% Volume 703.75 m Change -$0.74 Open $6.15 Circulating 831.5 m Market Cap 5.12 b 1 d Tech Stocks Dragging Bitcoin, Ether, & Crypto's Down, But 'Fundamentals Still Strong' 1 w Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE 3 w Ubisoft Enters Strategic Partnership with Nomadic Labs to Become a Tezos (XTZ) Baker BCH -18.18% Bitcoin Cash / USD BCHUSD $ 1,292.58
-$234.99-18.18% Volume 9.7 b Change -$234.99 Open $1,292.58 Circulating 18.74 m Market Cap 24.22 b 1 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 6 d Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance 1 w Bitcoin and Ether Record The Largest Inflows Since February: CoinShares Report BNB -10.42% Binance Coin / USD BNBUSD $ 605.02
-$63.04-10.42% Volume 5.64 b Change -$63.04 Open $605.02 Circulating 153.43 m Market Cap 92.83 b 1 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 1 d Ethereum is Literally Unusable; Fees Surge to New ATH as Dogs Take Over the Network 2 d SHIB Token Is Sending Ethereum Gas Prices Higher
Trading volume for these digital asset investment products was also high, totaling $4.8 billion. Last seen in early February 2021, this level represents a rise of 59% compared to last week.