XRP inflows hit $33 million in latest surge

While the XRP price is experiencing a slight tumble, it’s a different story for its institutional inflows, which have been surging up.

The weekly digital asset inflows report of CoinShares revealed that XRP had weekly inflows that totaled $33 million, making it the most popular investment among digital asset products that are currently offered.

With the surge, XRP almost doubled its Asset Under Management (AUM) or investment products and currently stands at $83 million.

The report also indicates that since early March, the biggest inflows have been observed in digital asset investment products.

Beating some heavyweights

XRP came up as the top gainer and the most popular investment in terms of new capital flowing. It has bested heavyweights Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Polkadot, Binance Coin, and Tezos.

Other altcoins once again attracted interest from investors. Ethereum investment products accounted for $65 million, while Polkadot had $5 million. Bitcoin Cash got $4 million and Binance Coin had $3 million.

Bitcoin had the larger portion of cryptocurrency products made available for institutions. It represented 78% of institutional AUM with $50 billion. Ether is at second, making up $16.8% of crypto products.

Institutional interest in crypto grows

It is undeniable that cryptocurrencies are slowly entering mainstream adoption, with many institutions and companies now taking part in various fields involving digital assets.

Aside from institutions now recognizing the value of holding Bitcoin, growing interest has also been noted in Ethereum. As a matter of fact, last week, the Ontario Securities Commission of Canada approved three Ethereum ETFs in just one day.

Meanwhile, CI Global Asset Management, Purpose Investment, and Evolve Fund Group were given the green light by the securities regulator of Canada to launch their respective Ethereum Exchange-traded Funds or ETFs, which will be made available for trade on the Toronto Stock Exchange, giving investors additional exposure to Ethereum.

 

Image courtesy of Amazing Finance News/YouTube

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