Breaking: Ethereum, Solana, XRP Record Massive Buying By Institutional Investors – CoinShares

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As a researcher with a background in digital asset investment and analysis, I find the recent inflows into crypto asset investment products to be an exciting development. Last week’s $185 million inflow marks the fourth consecutive week of inflows, totaling over $2 billion in May. This substantial demand from institutional investors is a positive sign for the future of digital assets as an asset class.

Last week, there was a substantial increase of approximately $185 million in investments in crypto asset products. This brings the total inflow during May to an impressive figure exceeding $2 billion. Marking the fourth consecutive week of inflows, this trend underscores the significant return of institutional demand for these assets. Notably, Ethereum, Solana (SOL), XRP, and Cardano (ADA) have all experienced substantial buying activity, setting new records.

Bitcoin, ETH, SOL, XRP, ADA Saw Inflows

Last week’s $185 million investment in digital asset products caused the year-to-date total to exceed $15 billion for the first time, according to CoinShares’ report on June 3. However, inflows decreased to $1.05 billion due to declining trading volumes and the release of monthly options expiry and US PCE inflation data towards the end of the week.

Last week, trading volumes for Bitcoin saw a significant decrease, dropping from $13 billion to $8 billion. The United States led the way with a Bitcoin inflow of approximately $148 million. This surge can be attributed to the approval of the spot Bitcoin ETF in the US. Conversely, short-Bitcoin positions experienced withdrawals amounting to $3.5 million.

As a crypto investor, I observed Ethereum experiencing a significant surge in buying during the second week, with an impressive total of $33.5 million worth of transactions. This positive shift was largely driven by the SEC’s approval of a spot Ether Exchange-Traded Fund (ETF), marking a drastic change in investment sentiment towards Ethereum. Consequently, I found myself drawn to Solana and made a strategic purchase of $5.8 million worth of its tokens.

As a crypto investor, I’ve noticed an intriguing increase in the inflow of funds for both XRP and ADA. Specifically, XRP received an influx of approximately $0.8 million, while ADA welcomed around $0.3 million. Compared to the previous week, this represents a substantial doubling of incoming investments.

According to the report, Switzerland experienced its second biggest inflow of funds this year with a total of $36 million, whereas Canada underwent a reversal of fortunes with an intake of $25 million during the same week. Despite registering a net outflow of $39 million in May.

ETH, SOL, XRP Prices See Upside Momentum

As a crypto investor, I’ve noticed an uptick in ETH‘s price today. Specifically, it has risen by 0.5% over the past 24 hours, reaching a current value of $3,810. The lowest and highest prices within this timeframe were $3,752 and $3,839 respectively. Additionally, there’s been a significant surge in trading volume, which has increased by 16% within the last 24 hours. This increase suggests heightened interest from traders in ETH.

I’ve analyzed the current market situation and found that the XRP price is presently standing at $0.5191, marking a 0.5% increase within the last 24-hour period. Notably, there has been a substantial surge in trading volumes during this timeframe, amounting to a 65% jump.

As a researcher observing the cryptocurrency market, I’ve noticed that Solana’s price has taken a dip today, with the current price standing at $165.18. Interestingly enough, trading volume has experienced a significant surge in the last 24 hours, rising by an impressive 53%.

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2024-06-03 15:40