CoinShares Sees XRP Breakthrough Inflows Over The Last Week
- As investors abandoned Bitcoin and Ether in the first week of the year, Ripple’s XRP experienced inflows at CoinShares.
- According to the data, almost $3 million worth of XRP was added, accounting for 9% of its assets under management. The company cited improved clarity on its legal dispute with the U.S. Securities and Exchange Commission.
- $6.5 million in Ether and $6.5 million in Bitcoin outflows. Ether outflows had been occurring for eight weeks straight.
CoinShares has seen Ripple’s XRP lead inflows over the past week, surpassing even Bitcoin in this respect.
$9.7 million in withdrawals were recorded in digital asset investment products, confirming the persistent, mildly negative sentiment that has been present for the past three weeks.
For the third week in a running, Bitcoin had small outflows of $6.5 million, indicating that sentiment at the start of 2023 is still unsuitable. Investment products for short Bitcoin experienced a meager influx of $1.2 million within the same time frame. With inflows totalling $3 million, or 9% of all assets under management (AuM), XRP defied the trend.
Total AuM dropped to $20.5 billion over the week, which was its lowest level since the FTX crash, but it has since increased.
Bitcoin trades average $5 billion per day on the weekdays, down from $9 billion in 2022, while exchange-traded products average $173 million daily. Trading volumes are still quite low. Regionally, Switzerland and Germany experienced modest inflows of $0.6 million and $0.8 million, respectively, while Brazil and the US experienced significant outflows of $4.5 million and $4.1 million, respectively.
The week that Ethereum experienced outflows was marked by tiny outflows of $3 million. CoinShares also said it was the 8th week in a row of Ether outflows.
CoinShares added that if regulatory with the US Securities and Exchange Commission (SEC) are resolved, XRP inflows might rise.
“We believe due to the improving clarity on its legal case with the SEC.”
A few days ago, MoneyGram asked the U.S. District Court for the Southern District of New York to seal some of the summary judgment documents in the ongoing dispute between Ripple Labs and the SEC.
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