Home
News
•Institutional Investments of $33 million in XRP assets
•AUM of XRP assets almost doubles
•Institutional volume sees an increase of 59%
The institutional support that the XRP token is currently receiving is quite commendable. Institutional investors are doing their best to rally XRP and several other altcoins. A total investment of approximately $33 million has been made in XRP products alone by the investors.
Investors Most Bullish for Crypto Products Last Week
A recent CoinShares’ weekly digital asset fund flows report suggests that as high as $33 billion worth of assets flowed into the XRP’s assets under management. Currently, XRP’s net AUM stands at $83 billion. Apart from focusing on XRP’s AUM entirely, the report also pondered over the fact that the last week was most bullish when it came to institutional crypto products. A total of $233 million was added to such institutional funds.
Altcoin Market Activity Revives Again
Although the relationship between altcoins and institutional investors is quite evident, the current upsurge in XRP inflows has altogether renewed Altcoin’s market activity. Other major altcoins, such as Ethereum (ETH), were allocated with investments worth $65 million, Bitcoin Cash, Polkadot, Tezos, and Binance Coin saw a significant inflow of $4 million, $5 million, $7 million, and $3 million, respectively. Another $6 million investment was recorded for multi-asset products.
Major Demand of Crypto Assets in North American Countries
Apart from major investments in altcoin products backed by the institutions, the overall institutional volume also increased almost 59% week-over-week and now amounts to a massive $4.8 billion. Besides, the all-time high price highs helped the AUM of crypto investment products touch the record highs of $64 billion. The demand for institutional crypto funds in North America increases, with several Canadian regulators approving three Ether Exchange Trading Funds (ETF) the previous week.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
