Institutional investors have rallied around XRP and other altcoins this past week, with nearly $33 million being injected in XRP investment products, the Cointelegraph writes.
Institutional investors have rallied around XRP this past week, with the assets under management, or XRP investment products, nearly doubling.
According to CoinShares’ “Digital Asset Fund Flows Weekly” report, roughly $33 million flowed into XRP products this week, pushing the sector’s AUM up to $83 million.
The report describes the week as the most bullish for institutional crypto products since early March, with $233 million injected in institutional funds.
Altcoins saw renewed market action overall, with $65 million allocated to Ether (ETH) products, while Binance Coin (BNB) funds took in $3 million, Bitcoin Cash (BCH) saw $4 million, Polkadot’s DOT received $5 million, and Tezos (XTZ) attracted $7 million worth of inflows. Roughly $6 million was invested into multi-asset products.
Bitcoin (BTC) products represent nearly 78% of institutional AUM with $50 billion, followed by Ether with $10.7 billion or 16.8% crypto product exposure. All other crypto assets represent less than 1% of capital locked in the sector, with Binance Coin representing $571 million, DOT representing $45 million, and Bitcoin Cash representing $16 million.
In addition to large inflows, institutional trade volume surged, gaining 59% week-over-week to tag $4.8 billion. All-time price highs also pushed the AUM of crypto investment products into record highs above $64 billion.
Grayscale represents 77% of institutional crypto AUM with nearly $50 billion, followed by CoinShares with $5.7 billion or almost 9% of the sector’s total, and 3iQ with $1.9 billion or roughly 3%.
North American demand for institutional crypto products appears to be surging, with Canadian regulators approving three Ether exchange-traded funds last week following the success of several recently launched Bitcoin ETFs in Canada.
