Despite the ongoing SEC v. Ripple legal tussle, digital asset investment products linked to XRP still recorded a mild inflow of $200K.
CoinShares has released its latest Digital Asset Fund Weekly Flow Report, highlighting positive sentiment towards top crypto assets, including XRP.
Data from the report showed that the crypto market witnessed an inflow of $261 million over the past seven days. According to CoinShares, the latest figure marks the sixth consecutive inflow digital asset investment products have seen.
Notably, investment products linked to digital assets have witnessed a total inflow of $767M over the past six weeks. Interestingly, this surpassed the total inflow of $736M recorded throughout last year.
Bitcoin Sees Largest Inflow
Out of the $261 million recorded in the past week for digital asset investment products, Bitcoin received a lion’s share of $229 million. This brought the leading crypto asset’s year-to-date (YTD) inflow to the tune of $842 million.
CoinShares attributed the spike in BTC inflow to the growing anticipation for the launch of a spot Bitcoin Exchange-Traded Fund (ETF). Expectedly, Ethereum ranked as the second crypto asset with the largest inflow, at $17.5 million.
XRP Witnessed Mild Inflow Amid SEC Lawsuit
Per the report, XRP was listed among the top crypto assets that recorded inflows in the past week. However, funds linked to XRP witnessed a modest inflow.
XRP-related funds recorded an inflow of $0.2 million ($200K) over the past week, bringing the crypto asset’s YTD flow to about $15 million. At the time of writing, top digital asset providers hold $73 million worth of XRP’s investment products.
The fifth-largest crypto asset achieved the feat despite the ongoing SEC v. Ripple legal tussle. Although the SEC dismissed its case against Ripple execs, legal analysts could be headed for an appeal immediately after the remedies phase.
It is not surprising to see XRP record a meager amount of investment in the past week. Many investors are waiting for the conclusion of the SEC lawsuit before they can invest massively in digital asset products linked to XRP.
ADA and SOL Record Inflow
Besides BTC, ETH, and XRP, other top crypto assets like SOL and ADA also witnessed inflows over the past week. According to the data, SOL ranked as the third crypto asset with the largest inflow, at $10.8 million.
While Short Bitcoin recorded an inflow of $4.5 million in the past week, ADA saw only $0.5M ($500,000) worth of investments.
Flows By Country
In terms of flows by country, the CoinShares data showed that the United States accounted for the highest amount of flow from digital asset products over the past week.
According to the data, U.S. investors committed approximately $157 million to these investment vehicles, while Germany, Switzerland, and Canada saw inflows worth $63M, $35.5M, and $9.2M, respectively.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
