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 -3.15% Bitcoin / USD BTCUSD $ 42,663.38
-$1,343.90-3.15% Volume 31.71 b Change -$1,343.90 Open $42,663.38 Circulating 18.83 m Market Cap 803.27 b 8 h Govt. Doesn't “Do Banking Well,” JPMorgan CEO says It’s All About Transparency, Rule Of Law, And Governance 14 h South Korea’s Largest Crypto Exchange Operator Raises $85 Million at an $8.65 Billion Valuation 2 d Senator Toomey Urges US Lawmakers to Adopt Crypto and Gain 'Huge' Advantage over China ETH -5.97% Ethereum / USD ETHUSD $ 2,953.54
-$176.33-5.97% Volume 19.22 b Change -$176.33 Open $2,953.54 Circulating 117.7 m Market Cap 347.64 b 14 h South Korea’s Largest Crypto Exchange Operator Raises $85 Million at an $8.65 Billion Valuation 15 h DeFi Rallies on China Ban as Chinese Turn to Decentralized Projects, Crypto Prices Recover to Pre-ban Levels 1 d YFI Creator Andre Cronje Launches a Vampire Attack on Popular Ethereum NFT Marketplace OpenSea XRP -3.33% XRP / USD XRPUSD $ 0.94
-$0.03-3.33% Volume 2.9 b Change -$0.03 Open $0.94 Circulating 46.72 b Market Cap 43.81 b 14 h South Korea’s Largest Crypto Exchange Operator Raises $85 Million at an $8.65 Billion Valuation 5 d SEC Scores Minor Victory Against Ripple As Court Rejects Employee Trading History Motion 1 w Solana (SOL) Dominating Institutional Interest, Accounting for Over 86% of the Total Inflows

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 -5.46% Tezos / USD XTZUSD $ 6.12
-$0.33-5.46% Volume 584.76 m Change -$0.33 Open $6.12 Circulating 861.23 m Market Cap 5.27 b 14 h South Korea’s Largest Crypto Exchange Operator Raises $85 Million at an $8.65 Billion Valuation 4 d Risk-on Assets Recover and Start Rallying After Fed Chair Pushes Back Decision on Tapering to November 2 w More than 65% of South Korean Crypto Exchanges to Shut Down Once FSC Deadline Hits BCH -3.25% Bitcoin Cash / USD BCHUSD $ 494.41
-$16.07-3.25% Volume 5.48 b Change -$16.07 Open $494.41 Circulating 18.86 m Market Cap 9.32 b 5 d Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted 5 d AMC Theaters CEO Is Considering Adding Payment Support for DOGE By Year-End 1 w Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time BNB -3.73% Binance Coin / USD BNBUSD $ 340.56
-$12.70-3.73% Volume 1.46 b Change -$12.70 Open $340.56 Circulating 168.14 m Market Cap 57.26 b 15 h DeFi Rallies on China Ban as Chinese Turn to Decentralized Projects, Crypto Prices Recover to Pre-ban Levels 2 d China’s Largest Cryptocurrency Exchanges Suspend All New User Registrations 4 d Wormhole Launches Solana-Ethereum Bridge to Move NFTs Cross-Chain

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.