u.today
The last week has proven extremely strong for $XRP as the asset regained momentum across both its spot and ETF markets, following its recent price rally.
Over the period, $XRP saw its price suddenly flip bullish after seeing stronger demand from investors, causing its ETF market to post its best weekly performance since May.
Nearly $40 million fresh capital
Per data provided by SosoValue, $XRP ETFs saw steady inflows on nearly all days of the week as they attracted a total of $39.78 million in net inflows last week.
While this is coming after multiple weeks of recording little to no fresh capital, the inflows seen last week mark a major recovery from a prolonged period of relatively muted demand.
The largest share of the fresh capital flowed in on August 21st, when $XRP rallied by over 20% within a 24-hour period and the $XRP ETFs also recorded $18.38 million in net inflows during the same day.
This resurgence in demand for $XRP ETFs triggered an increase in their cumulative net inflows, causing them to rise to a massive $1.55 billion milestone since they launched late last year.
Bitwise continues to buy $XRP
While the major $XRP ETF recovery came amid a broader crypto market resurgence, $XRP's price rallied by nearly 60% over the period, drawing attention to the leading altcoin.
Amid the bullish momentum, institutional investors continued to increasingly demand the $XRP product through Bitwise as the firm led all $XRP funds on all their positive trading days.
While Bitwise also led the latest inflow with a fresh capital intake of $16.89 million, the Bitwise $XRP ETF now boasts about $443.46 million in net assets.