thecryptobasic.com
XRP-linked exchange-traded products (ETPs) witnessed a remarkable 57% increase year-to-date to over $76 million following the Ripple case ruling.
Following the recent legal triumph in the Ripple vs. SEC case, the Exchange Traded Products (ETPs) market centered on XRP has experienced an impressive upswing. Notably, XRP-linked ETPs have seen a remarkable 57% increase in assets under management (AUM) year-to-date.
This rapid surge propelled ETPs holding XRP to an AUM of $76.8 million, according to data from Fineqia International Inc., a prominent player in the digital assets and FinTech scene.
Crypto Eri, a prominent XRP community influencer, called attention to this bullish pattern in a recent tweet. She rightly emphasized its indication of a growing institutional interest in XRP amid its regulatory clarity.
Institutional Interest in #XRP
The ruling in the SEC v. Ripple Labs in favor of Ripple (XRP) led to an increase in Assets Under Management (ETPs) for @FineqiaPlatform.
Press Release 👇Aug 8, #XRP increased by 57%, to $76.8 million from $49 million.If you have a chance, catch… pic.twitter.com/xb6X0RiSKD
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) August 9, 2023
In light of the recent disclosure, it becomes increasingly evident that XRP ETPs have emerged as a focal point within the digital asset market. With the ripple effect of the SEC vs. Ripple lawsuit verdict propelling XRP’s standing, these ETPs are charting a course of growth.
The Fineqia report comes two weeks after market data provider CCData disclosed a similar surge in XRP-focused investment products. As The Crypto Basic previously reported, these products observed an increase in AUM in July, hitting $65.7 million.
Crypto ETPs Hit $34B AUM
Zooming out, the recent Fineqia report presented a comprehensive analysis of global ETPs tied to digital assets. The data reveal an overall 70% surge in AUM year-to-date, a testimony to the revived enthusiasm among investors.
AUM figures stood at $34 billion by the end of July, marking a significant leap from the $20 billion registered at the beginning of this year. This 70% YTD growth in AUM outpaces the 47.7% surge in the intrinsic value of digital assets.
However, it’s important to note that the total crypto AUM faced a slight contraction of 3.9% last month, settling at $34 billion, down from $35.1 billion. Simultaneously, the aggregate crypto market cap experienced a 1.5% decline, sliding to $1.17 trillion.
Within this landscape, other altcoins also found their footing. Altcoins such as Polygon (MATIC), Solana (SOL), Stellar (XLM), and Polygon (MATIC) saw their AUM increase by 20%, 39%, and 40%, respectively.