XRP Takes the Spotlight
This past week, institutional investors have shown a newfound love for XRP, with assets under management nearly doubling. According to CoinShares’ report, attractive figures have rolled in, with around $33 million flowing into XRP products. This surge has jolted the sector’s assets under management (AUM) to a whopping $83 million! Talk about a financial glow-up!
The State of the Market
The week has been nothing short of exhilarating for institutional crypto products. In a significant shift, about $233 million made its way into institutional funds, marking the happiest week since the hysteria of early March. Alts aren’t being left out, with Ether (ETH) capturing $65 million of attention, Binance Coin (BNB) pulling in $3 million, and assorted other altcoins playing their part.
- Bitcoin Cash (BCH): $4 million
- Polkadot (DOT): $5 million
- Tezos (XTZ): $7 million
Bitcoin Dominance
Naturally, you might be wondering about Bitcoin (BTC). It continues to reign as the king of institutional AUM, owning nearly 78% of the share. That’s about $50 billion, which dwarfs Ether’s $10.7 billion, or 16.8% of crypto exposure. Other altcoins seem to get lost in the mix, representing less than 1% of locked-in capital.
Trade Volume Takes Off
Beyond the impressive inflows, the trading volume is on the rise, having surged a staggering 59% week-over-week to hit $4.8 billion. Thanks to all-time price highs, the AUM of crypto investment products has soared to record levels, surpassing $64 billion. Now that’s what we call a boisterous bull market!
Who’s Leading the Charge?
When it comes to institutional players, Grayscale is taking the lion’s share with nearly 77% of the market, raking in close to $50 billion. Following closely is CoinShares at about $5.7 billion, and 3iQ at roughly $1.9 billion. Canadian markets are also expanding their crypto horizons with regulators giving the green light for three Ether exchange-traded funds last week. The North American appetite for institutional crypto products appears stronger than a double shot of espresso!
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