Bitcoin and XRP are two popular cryptocurrencies, making them some of the key highlights of CoinShares’ latest weekly report on outflows and inflows to cryptocurrency-focused investment products.
According to the data, there was $2.2 billion in inflows into crypto investment products in the past seven days, the highest level since July. Interestingly, inflows are only seen regionally in the US, while outflows are seen in all other countries. CoinShares analyst James Butterfill said this is due to the upcoming US political events in November, which are also influencing inflows into crypto-focused investment products. I’m thinking.
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Of course, the main cryptocurrency, Bitcoin, with its many variations, dominates the festivities, accounting for 97% of inflows.
At the same time, however, ETFs centered around XRP have also seen inflows, and while the numbers are relatively small, it is important to note that ETF inflows have remained steady over the past few weeks, reflecting this trend. This means that this continues and funds are flowing into XRP. .
Source: CoinShares
As a result, $26 million has already flowed into XRP ETPs since the beginning of the year, and some of the major players in the ETP market have started talking about launching XRP ETFs. Bitwise has filed for regulatory approval for such a product, suggesting that while there is demand for an XRP ETF, supply is extremely limited and needs to be created quickly.
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It remains to be seen how this story will unfold, but given the trends shown in the latest reports, it would not be surprising to see the XRP ETF soon join Bitcoin and Ethereum in the crypto investment space.
