In a cautious market where investors are behaving uncertainly, digital asset investment funds experienced withdrawals of $206 million for the second week in a row. However, XRP bucked this trend with an inflow of $1.3 million.
Trading volumes dip
Based on CoinShares’ latest findings, digital asset ETP trading volumes dropped slightly to $18 billion. This represents approximately a quarter (28%) of all Bitcoin trading volumes, a decrease from over half (55%) just last month. Bitcoin, still leading the market, saw withdrawals totaling $192 million.
Despite this, investments in Bitcoin through short-term products amounted to just $0.3 million in withdrawals, signaling minimal investor enthusiasm to profit from the pessimistic market trend. Conversely, U.S. ETFs accounted for significant outflows of $244 million, fueled by the prevailing negative sentiment. Among the affected ETFs, established ones experienced the brunt of the withdrawals while newly issued ones witnessed inflows, although at a slower pace than in previous weeks.
During the same period, Ethereum experienced withdrawals amounting to $34 million, making it the sixth successive week with outflows. In contrast, multi-asset products attracted investments to the tune of $9 million in the previous week. Litecoin and Chainlink also noted inflows of $3.2 million and $1.7 million respectively.
XRP stands out
In the larger picture of funds moving between different assets, XRP drew attention with approximately $1.3 million in incoming investments. This sudden increase in investor attention might stem from several reasons fueling XRP’s demand. One plausible explanation could be the rising usage of Ripple‘s technology offerings, most notably its cross-border payment system.
XRP’s price growth and the arrival of $1.3 million in new investments highlight its robustness and allure for investors. At present, XRP is valued at $0.5336. In the last day, there has been a slight rise of 0.82%, while over the past week, there has been a more substantial surge of 3.01%.
The daily trading volume for XRP has significantly grown, amounting to $1,129,623,228, marking a 12.61% rise. This noteworthy uptick in trading activity implies heightened investor interest and engagement with XRP, potentially attracting both short-term speculators and long-term investors.
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2024-04-22 15:04