XRP beat BTC and ETH in terms of weekly flows, with an inflow of $2.7 million
Over the past week, cryptocurrencies such as XRP have stolen the limelight from digital asset investment products such as BTC and ETH Square. Specifically, XRP recorded significant inflows, while market leaders witnessed an unusual profit-taking sell-off.
The report elaborates on the inflow and outflow trend of digital asset investment products in the past week. According to the report, the inflow of funds into cryptocurrency investment products deviates from recent trends. It recorded a small outflow of $16 million. This shift comes after an 11-week period of consistent inflows.
Despite the outflows, overall trading activity remained strong, surpassing the year-to-date average. Specifically, the weekly total reached $3.6 billion, a significant difference from the annual average of $1.6 billion.
In addition, the report highlights regional outflows from the U.S. amounting to $18 million. In addition, there was a small outflow of $10 million from digital asset investment products in Germany. However, Canada and Switzerland provided the balance, with continued inflows of $6.9 million and $9.1 million, respectively. Analysts say mixed regional flows indicate profit-taking rather than a fundamental shift in sentiment toward the asset class.
XRP. Solana beats BTC and ETH in weekly traffic. In terms of flows across asset classes, BTC was hit hard, with the largest outflows of $33 million. At the same time, short-selling BTC products also experienced small outflows totaling $300,000. Similarly, ETH and Avalanche also faced some headwinds, with outflows of $4.4 million and $1 million, respectively.
Bucking the overall trend, investor interest in altcoins has surged. It attracted $21 million in inflows, with XRP, Cardano, Solana, and Chainlink being the main beneficiaries. These digital assets received inflows of $2.7 million, $3 million, $10.6 million, and $2 million, respectively.
Looking at the size so far this month, the XRP saw $3.6 million in digital asset investment inflows, compared to $17 million year-to-date. In addition, Solana has seen inflows of $14.1 million since last month and $156 million since January.
Although BTC recorded the largest outflow in the past week, BTC investment has still reached $6.7 million since November. In addition, since January, BTC has invested more than $1.669 billion.
(DATA SOURCE: ABDULKARIM ABDULWAHAB)