- XRP investments had inflows of $700,000 amid a crypto market outflow of $73 million.
- XRP maintained positive inflows despite legal issues.
- Germany had the most digital asset flows at $20 million, and ETC Issuance GmbH faced $23 million in outflows.
A remarkable outlier in a crypto market grappling with bearish sentiments has emerged: XRP. While Bitcoin (BTC) and Ethereum (ETH) saw a combined $73 million in outflows, XRP managed to attract $700,000 in inflows, showcasing its resilience amidst the broader market turbulence.
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Data from CoinShares, a leading digital asset investment manager, reveals that the crypto industry faced a significant setback last week. A substantial $59 million exited investment products associated with digital assets, reflecting a remarkable surge of 426% compared to the $11.2 million outflows the prior week. This marks the fourth consecutive week of outflows, totaling $294 million.
Bitcoin witnessed the highest outflows, with $68.9 million exiting the market, followed by Ethereum with $4.8 million. However, XRP’s investment products defied expectations, recording inflows of $700,000 during the same period.
This unexpected surge in XRP’s popularity comes despite the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC). The SEC’s recent move to appeal Ripple’s victory cited “knotty legal problems,” adding uncertainty to XRP’s regulatory status.
Germany led outflows by exchange country, with $20 million, followed by Canada with $17.6 million, and the US with $12.3 million. ETC Issuance GmbH, a London-based digital asset investment company, experienced the highest outflows from its products, totaling $23 million.
Despite the recent bearish trend, digital asset investment products have seen $104 million in inflows year-to-date, with a cumulative AUM of $31.76 billion. Major firms like BlackRock and WisdomTree are actively pursuing a spot BTC exchange-traded fund (ETF), indicating a growing institutional interest in the crypto space.
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