XRP Bucks the Trend as Crypto Funds See $1.94 Billion Weekly Outflows 📉
Crypto investment funds recorded $1.94 billion in outflows last week, marking a significant loss for the industry since 2018. Despite this, XRP stood out, capturing $89.3 million in inflows while major players like Bitcoin and Ethereum experienced withdrawals.
The total outflows over four weeks amounted to $4.92 billion, representing 2.9% of assets under management. Nevertheless, Friday saw a hint of optimism with $258 million inflows, indicating a potential sentiment shift.
CoinShares reported a 36% decline in assets under management due to capital outflows and price drops. The majority of outflows, 97%, occurred in the US, reflecting investor apprehension amidst Federal Reserve policy uncertainties.
Bitcoin faced a $1.27 billion outflow, although a recovery of $225 million was recorded. Meanwhile, Ethereum experienced $589 million in outflows, with a $57.5 million rebound on Friday.
XRP distinguished itself by drawing $89.3 million in inflows, a sharp contrast to other cryptocurrencies. Analysts attribute this to Ripple's infrastructure expansion initiatives, positioning XRP as a foundational asset.
Data reveals that major investors are increasing their XRP holdings, with $7.7 billion acquired over three months, suggesting possible price movement before a significant market shift.
The future trajectory of fund flows will depend heavily on Federal Reserve updates and broader economic conditions.
Source: beincrypto.com ↗
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