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This week, institutional investors have flocked to XRP and other altcoins, pumping nearly $33 million into XRP investment goods.
This week, institutional investors have gathered around XRP, with funds under administration, or XRP investment goods, almost 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 week was the most bullish for retail crypto products since early March, according to the survey, with $233 million pumped into institutional funds.
Overall, altcoins saw revived trading activity, with $65 million allocated to Ether (ETH) goods, $3 million allocated to Binance Coin (BNB) assets, $4 million allocated to Bitcoin Cash (BCH), $5 million allocated to Polkadot’s DOT, and $7 million allocated to Tezos (XTZ). Around $6 million has been spent in multi-asset goods.
Bitcoin (BTC) products account for about 78 percent of institutional AUM ($50 billion), with Ether accounting for $10.7 billion or 16.8 percent of crypto commodity exposure. All other crypto assets account for less than 1% of total resources in the market, with Binance Coin accounting for $571 million, DOT accounting for $45 million, and Bitcoin Cash accounting for $16 million.
Aside from strong inflows, institutional trading volume increased by 59 percent week over week to $4.8 billion. All-time high prices have also driven the AUM of crypto investment goods to new highs of more than $64 billion.
Grayscale accounts for approximately 77 percent of institutional crypto AUM, with nearly $50 billion, led by CoinShares, which accounts for $5.7 billion, or nearly 9 percent of the sector’s sum, and 3iQ, which accounts for $1.9 billion, or roughly 3 percent.
Following the popularity of many newly released Bitcoin ETFs in Canada, Canadian regulators approved three Ether exchange-traded funds last week, indicating a surge in North American demand for institutional crypto products.