Bitcoin and XRP lead $644 million injection, breaking streak of crypto fund outflows
- Inflows of US$644 million.
- End of output sequence.
- Bitcoin and XRP leadership.
After a five-week stretch of consecutive outflows, the cryptocurrency exchange-traded products (ETPs) market witnessed an impressive resurgence, with net inflows of $644 million over the past week, according to data shared in the latest report from CoinShares. The move was driven by cryptocurrencies Bitcoin and XRP following recent developments in the sector, signaling a significant shift in investor sentiment towards digital assets.
“Digital asset investment products saw a reversal last week, breaking a five-week streak of outflows with inflows totaling $644 million. Total assets under management increased 6,3% from their low point on March 10. Notably, every day last week saw inflows, following a 17-day streak of outflows — signaling a decisive shift in sentiment toward the asset class.” highlighted James Butterfill, Head of Research at CoinShares.
In a significant move for the market, Bitcoin led the rally, attracting $724 million in new investment, ending a five-week streak of $5,4 billion in outflows. “Meanwhile, short Bitcoin investment products saw a third consecutive week of outflows, totaling $7,1 million.”
Apart from Bitcoin, XRP has also played a crucial role in the market rally, recording $6,7 million in inflows last week. This surge in interest in XRP comes amid renewed investor optimism following the Securities and Exchange Commission’s (SEC) decision to withdraw its process against Ripple, boosting investment in the company's native cryptocurrency. In one week, the prices of BTC and XRP have risen by more than 5%.
“Sentiment in the altcoin space was mixed. Ethereum faced the largest outflows, with $86 million leaving the asset. Other altcoins with notable outflows included Sui ($1,3 million), Polkadot ($1,3 million), Tron ($0,95 million), and Algorand ($0,82 million). On the other hand, Solana saw $6,4 million in inflows, while Polygon and Chainlink saw more modest gains of $0,4 million and $0,2 million, respectively,” the report added.
Overall, the recovery in the cryptocurrency ETP market signals renewed optimism among investors, with Bitcoin and XRP leading the way.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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