u.today
Despite the recent surge in the Bitcoin price and the overall recovery of the cryptocurrency market, the Ripple-affiliated coin $XRP has faced massive outflows, while several other top cryptocurrencies are enjoying large amounts of funds coming from institutional investors.
A report published by Coinshares states that $XRP has experiences staggering outflows not only in the past week but in the past month as well.
$XRP bleeds hard, while $ADA, $SUI, $SOL blossom
According to the report, financial institutions have been avoiding $XRP-powered products this week and this month, as the table shows $37.2 million outflows faced last week and $28.6 million outflows month-to-date. However, the year-to-date inflows remain positive and constitute $226 million. In total, there are $1.362 billion worth of $XRP in various products under management, the document says.
Meanwhile, $ADA, $SUI, LTC, and $LINK are enjoying significant inflows over the past week. $SOL has attracted $4.3 million (and $0.5 million over the past month), $SUI comes second with $2.9 inflows weekly flows and $23.9 million year-to-date. Litecoin is showing the same results as $SUI.
$XRP stands closest to $BTC and ETH in monthly inflows
Cardano’s native coin, $ADA, has managed to pick up $0.6 million in weekly and $1.9 million in monthly inflows. $LINK attracted $0.9 million and $1.1 million. Still, $XRP has outperformed all these coins by year-to-date inflows with its $226 million versus $80 million for $SOL, $96 million for $SUI, $73 million for $ADA, and $5 million for Litecoin.
As for the two largest cryptocurrencies in the market, Bitcoin and Ethereum, they remain unmatched with $2.979 billion and $326.2 million in weekly inflows and $5.498 billion and $568.5 million in monthly ones. $XRP with its $226 million MTD inflows stands closest to them among the top-cap assets named above.
Bitcoin reclaims $110,000 briefly
Over the past 24 hours, the world’s leading cryptocurrency, Bitcoin, has managed to briefly reclaim the $110,000 price level after staging a 3% increase from $106,960. This $BTC upward move got the whole crypto market going to follow it to the North. All altcoins began logging significant rises, entering the green zone.
However, by now $BTC has shown a slight setback and is changing hands at $109,850, still attempting to recover above $110,000 once again today.