CoinShares released its weeklyDigital Asset Fund Flowsreport yesterday. While the data there might be worrisome, it also sparks hope that institutions are showing interest in a certain group of select altcoins for the first time in a while.
The report notes that:
Digital asset investment products saw outflows totalling US$54m last week, with outflows for 8 out of the last 9 weeks that aggregate to US$455m.
It’s worth noting, though, that Bitcoin is responsible for some 85% of the total outflows, which account for $45 million of the $54 million of total outflows. Ethereum is second in line with $4.8 million.
But amongst those, there’s a group of altcoins that has seemingly attracted the interest of institutions.
Namely, these are Solano, Cardano, and XRP. They attracted inflows of $0.7 million, $0.43 million, and $0.13 million, respectively. While $130,000 worth of institutional inflows might not seem like a lot, it’s important to look at it in the context of a market that has seen inflows worth over $50 million in the same period.
Source: CoinSharesThat said, the XRP price continues to perform well, managing to remain above the critical resistance level of $0.5, charting an increase of 2.5% through the day. This has brought its weekly gains to 6.3%.
Ripple (XRP) Defies Bear Market Trend as Institutional Flows Positive
CoinShares released its weeklyDigital Asset Fund Flowsreport yesterday. While the data there might be worrisome, it also sparks hope that institutions are showing interest in a certain group of select altcoins for the first time in a while.
The report notes that:
It’s worth noting, though, that Bitcoin is responsible for some 85% of the total outflows, which account for $45 million of the $54 million of total outflows. Ethereum is second in line with $4.8 million.
But amongst those, there’s a group of altcoins that has seemingly attracted the interest of institutions.
Namely, these are Solano, Cardano, and XRP. They attracted inflows of $0.7 million, $0.43 million, and $0.13 million, respectively. While $130,000 worth of institutional inflows might not seem like a lot, it’s important to look at it in the context of a market that has seen inflows worth over $50 million in the same period.