thecryptobasic.com
XRP investment products observed mild inflows last week despite the broader crypto market witnessing negative flows, with Bitcoin and Ethereum facing $73 million in outflows.
CoinShares, a leading digital asset investment manager, disclosed the recent development in its latest volume of the Digital Asset Fund Weekly Flow Report. The report, shared today, highlights the generally bearish atmosphere within the market.
Data from the report confirms that the broader crypto market witnessed $59 million in outflows from investment products linked to digital assets.
This represents a 426% increase from the previous week’s $11.2 million outflows and marks the fourth consecutive week of outflows. Notably, with the latest figure, digital assets investment products have seen $294 million outflows over the past four weeks.
XRP Sees Inflows, BTC and ETH Face Outflows
Diving deeper into last week’s data, Bitcoin (BTC) observed the highest outflows, at $68.9 million. Meanwhile, Ethereum (ETH) witnessed the second-highest figure, at $4.8 million. Combined, BTC and ETH observed $73.7 million in outflows.
Conversely, XRP’s investment products recorded inflows last week, albeit at a modest rate. Funds linked to XRP witnessed inflows to the tune of $0.7 million ($700K). The previous data on XRP also revealed positive flows, with $0.5 million ($500K) inflows recorded in the week leading to August 25.
This bullish turn of events for XRP persists despite the legal circumstances surrounding Ripple in the SEC lawsuit. Recall that the SEC had filed for permission to request to appeal Ripple’s victory. The agency recently cited “knotty legal problems” for this move.
Meanwhile, the $59 million outflows recorded in the broader crypto scene could be attributed to the storm currently plaguing the market. The global crypto market cap is down 2% over the past 24 hours, with BTC and ETH dropping by 1.47% and 2.82%.
Flows by Country and Provider
In terms of exchange country, Germany witnessed the highest amount of flows from digital asset products. The figure from Germany is $20 million, while Canada is the second-highest, with $17.6 million. The U.S. saw $12.3 million outflows.
Regarding investment product providers, ETC Issuance GmbH, a leading digital asset investment company in London, saw the highest outflows in its products last week, totaling $23 million.
Despite the recent bearish weeks, all digital asset investment products are witnessing $104 million in inflows year-to-date. Cumulative AUM has also increased to $31.76 billion. Furthermore, several firms, including BlackRock and WisdomTree, are pushing for a spot BTC ETF.