XRP Absorbs $1,1 Million In Fund Flows As Investors Bet On Ripple Side
According to crypto analytics portal CoinShares, XRP-focused investment products recorded inflows of $1.1 million. According to analyst James Butterfill, who noted the phenomenon, the influx of funds could characterize investors' excitement about the outcome of the litigation between Ripple and the SEC: in favor of the crypto company.
Month on month, the number of inflows into XRP-oriented funds is the same, $1.1 million. Year to year, however, the value is larger at $11 million. In addition to XRP, Solana (SOL) and Polygon (MATIC) have also attracted attention and funds from investors. Interestingly, both projects are now in the midst of a battle for a place in the top 10 cryptocurrencies by market capitalization.
Last week in digital asset fund flows
Looking at the larger assets, Bitcoin and Ethereum, there is a breakdown in paradigms and an apparent shift in sentiment. After seven weeks of inflows to BTC-oriented investment funds, last week there was an outflow of $13.2 million. Meanwhile, outflows were recorded in funds betting on BTC falling through Short Bitcoin products. Meanwhile, outflows of $7.1 million were also recorded in funds betting on BTC falling through Short Bitcoin products.
With Ethereum, the situation also turned 180 degrees as altcoin-oriented products recorded their first recent inflow of $2.7 million. Overall, the week ended with an outflow of $15.6 million from crypto-oriented products.Source