Institutional Investors Show Interest in XRP Amid Crypto ETF Speculations
Following the launch of spot Bitcoin ETFs in the US, XRP has experienced positive reactions in its price and overall market sentiment. CoinShares data reveals that institutional investors are increasingly interested in XRP-based investment products, potentially anticipating the approval of a spot XRP ETF in the near future. Last week, weekly net inflows into XRP surged by 244%, reaching a total of $2.2 million.
XRP’s Popularity Rises Alongside Ethereum After Bitcoin ETF Approval
Reports indicate that social media mentions and popularity of XRP have increased alongside Ethereum since the SEC approved spot Bitcoin ETFs. This is not surprising, as investors speculate whether the US regulator will also approve an XRP spot ETF soon. Valkyrie’s Chief Investment Officer believes that an XRP ETF could be approved in the near future.
XRP Receives Significant Inflows Following Crypto ETF Hopes
Last week, XRP received a net inflow of $2.2 million, representing a substantial 244% increase compared to the previous week. This influx of funds is greater than what was recorded following Ripple’s legal victory against the SEC. As a result, XRP now ranks third among altcoins for total inflows this year, trailing behind Cardano and Ethereum.
Bitcoin Dominates Inflows, but Price Declines After ETF Launch
While most of last week’s inflows went to Bitcoin-based funds, with $1.14 billion invested, Bitcoin’s price has failed to meet expectations since the launch of spot Bitcoin ETFs. Currently trading at $42,847, Bitcoin has experienced an 8% decline over the past seven days. Ethereum followed with $25.47 million in inflows. Geographically, the United States saw the highest inflows at $1.24 billion, followed by Switzerland with $21 million.
Hot Take: XRP Gains Momentum Amid ETF Speculations
XRP has seen a surge in investor interest and positive market sentiment following the launch of spot Bitcoin ETFs. With institutional investors increasing their involvement and speculating on the possibility of an XRP spot ETF, weekly net inflows into XRP-based investment products have significantly increased. This demonstrates growing confidence in XRP’s future prospects and potential as a crypto asset. As the crypto market continues to evolve and regulatory frameworks develop, XRP’s performance will be closely watched by investors and enthusiasts alike.
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