XRP Rockets 366% to $1.1 Million in Weekly Fund Flows
2024-10-14

XRP is back in the news after CoinShares released its latest weekly report on investments in exchange-traded products focused on digital assets. The report once again put the spotlight on the popular cryptocurrency.
Thus, as it turned out, last week saw $1.1 million of investor funds flow into XRP ETPs. By comparison, last week, the investment products focused on the seventh biggest cryptocurrency saw just a $300,000 figure for investment. In fact, XRP ETPs have seen a massive 366% increase in this metric over the past seven days.
Overall, since the start of the year, these investment vehicles have seen $25 million in inflows. This makes XRP one of the top performers in this market. Source: CoinShares
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Another interesting thing to note in the recent report is the overall inflow of $407 million, which is a major change from the $147 million outflows seen the week before. James Butterfill, an analyst at CoinShares, suggests that investor decisions have been more affected by the upcoming elections in the U.S. than by what the monetary policy outlooks say.
This is because the stronger-than-expected economic data did not stop people from selling their positions, whereas the recent shifts in the political field led to an immediate boost in inflows and prices of the cryptocurrencies.
The majority of the inflows are due to Bitcoin ETFs, which brought in $419 million. On the other hand, investment products that use a short strategy on the main cryptocurrency saw outflows of 6.3 million dollars - in the opposite direction.
On the other hand, Ethereum ETFs saw an outflow of $9.8 million last week, which brings its month-to-date net flow into the negative zone of $35 million since the start of October.