Bitwise Buys Over $19 Million of XRP

The $XRP ETFs have just recorded their best performing day since September began after a combined total of over $20 million flowed into the market during their latest trading session.

While this also represents the first net inflow of the week recorded by the broad ETF market, Bitwise has gained the spotlight as it remains the largest contributor of the fresh capital influx recorded.

Bitwise's $XRP stash nears $650 million

Latest onchain data shows that the leading asset management firm Bitwise has made its largest $XRP purchase in a while, scooping up $19.17 million worth of $XRP in one day.

Further data shows that the large purchase happened after the fund witnessed a substantial surge in institutional interest in the $XRP-based investment product.

While Franklin also saw a modest inflow during the same day, it only accounted for about $862,000 of the total capital that flowed in that day.

With other $XRP ETFs staying silent, this means that Bitwise is nearly responsible for all the inflows recorded, suggesting investors are more willing to gain $XRP exposure through Bitwise rather than its peers.

As such, this further fortifies its foothold as a leader in the $XRP ETF market, boasting a massive $615 million in net assets.

$XRP on track to $2

The surge in institutional demand for $XRP has been accompanied by a parabolic move in its trading price, as $XRP saw a price increase of over 8% on the same day.

With momentum building again, $XRP has broken resistance at $1.65, positioning itself on the path to hit the long-expected $2 mark.