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.

Source: CoinShares Report

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 0.24% Bitcoin / USD BTCUSD $ 21,457.28
$51.500.24% Volume 18.56 b Change $51.50 Open $21,457.28 Circulating 19.08 m Market Cap 409.34 b 5 mon SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 5 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 5 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum ETH 0.69% Ethereum / USD ETHUSD $ 1,244.60
$8.590.69% Volume 12.7 b Change $8.59 Open $1,244.60 Circulating 121.3 m Market Cap 150.97 b 5 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 5 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 5 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022 XRP -0.48% XRP / USD XRPUSD $ 0.37
$0.00-0.48% Volume 922.85 m Change $0.00 Open $0.37 Circulating 48.34 b Market Cap 17.74 b 6 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 6 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 6 mon Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card

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 -1.88% Tezos / USD XTZUSD $ 1.53
-$0.03-1.88% Volume 42.37 m Change -$0.03 Open $1.53 Circulating 899.32 m Market Cap 1.38 b 6 mon Ubisoft’s “Building Block” For Its Metaverse Is Through In-Game NFTs In Partnership with Tezos (XTZ) 6 mon Coinbase Cloud wanting to be the “AWS of Crypto,” Amasses $30 Billion in Staked Assets 6 mon NFT Mania: Adidas Buys a Bored Ape, Animoca Brands Partner with BSC, Blockchain.com to Make NFT as Accessible as Crypto BCH -1.48% Bitcoin Cash / USD BCHUSD $ 114.30
-$1.69-1.48% Volume 1.55 b Change -$1.69 Open $114.30 Circulating 19.1 m Market Cap 2.18 b 6 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 6 mon Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card 6 mon Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe BNB -0.89% BNB / USD BNBUSD $ 239.67
-$2.13-0.89% Volume 920.2 m Change -$2.13 Open $239.67 Circulating 163.28 m Market Cap 39.13 b 6 mon SEC Rejects Another Spot Bitcoin ETF, Binance Announces New System to Remove BNB from Circulation 6 mon BitMEX Launches BMEX Token for Active Users, US Not Eligible for Airdrop 6 mon Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions

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.