According to CoinShares’ latest weekly fund flow report, institutional investors are back in action after a short hiatus. Especially among the selected altcoin projects, XRP provides more positive flows than others.
Institutional investors are buying these altcoin projects
According to the results of the report, XRP and Bitcoin were at the forefront in the last week. According to CoinShares, XRP and Bitcoin were the only ones that saw positive flows among crypto products. XRP saw the $500,000 entry. Bitcoin, on the other hand, provided $13.4 million in flow of funds. In the overall picture, Cardano (ADA) is the only altcoin that has seen positive entries, apart from Bitcoin and XRP.
Investment products focused on other cryptocurrencies underperformed. Overall, by the end of the week, all crypto investment products saw $6.1 million in inflows. Despite the activity in certain products, XRP and Bitcoin were limited names that received positive input. Highlights from the report are as follows:
- All crypto-focused investment products saw $6.1 million in inflows.
- Bitcoin has generated a total flow of $13 million in funds.
- Regionally, the US and Germany were the only countries to see inflows of $13 million and $3.3 million, respectively. Brazil, Canada, Sweden and Switzerland had a total outflow of 10 million dollars.
As Kriptokoin.com, we discussed last week’s report in this article.
Institutional investors turn away from leading altcoin project
Ethereum saw a total outflow of $2.1 million with 4 consecutive weeks of fund loss. Since Merge, their debut has reached $14 million. The cryptocurrency market as a whole is experiencing one of the lowest fund inflows in recent weeks.
XRP and BTC price action
BTC analyzes once again drew a Bart Simpson hair pattern, while continuing a trend that has become common in recent months. According to analyst Gamza Khanzadaev, as long as the S&P 500 remains stable below $3,900, the probability of a rise in Bitcoin price will remain low. Additionally, today’s close adds pressure on the monthly candlestick.
On the other hand, XRP continues to be at the top of the price range where it first appeared in early May. However, Ripple received support from the crypto lobbying group Blockchain Association, which sought permission to support the cause. Amicus summaries have been filed by interested parties and supporters of Ripple, Internet Choice Advocates Network, and SpendTheBits. Also, Ripple, the largest public owner of XRP, has released its quarterly report. He explained that the company owns less than 50% of the total supply of XRP.
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