XRP surpassed Bitcoin and Ethereum in institutional investment
Ripple's cryptocurrency investment products recorded inflows exceeding 37 million dollars.
Global Bitcoin (BTC) and cryptocurrency-based investment funds closed last week with positive flows of 6 million dollars.
In this way, these financial instruments ended a negative streak of two weeks, during which outflows amounted to 1 billion dollars.
In this regard, James Butterfill, head of research at CoinShares, explained in his latest report: “It is a small inflow of 6 million dollars, sentiment remains mixed but shows signs of recovery.”
Regarding this mixed sentiment, the specialist detailed that it is due to the behavior of investors with Bitcoin-based investment funds. “While the week began with smaller inflows, retail sales figures in the United States, which were higher than expected mid-week, likely triggered outflows of 146 million dollars,” he added.
Finally, investment products based on the currency created by Satoshi Nakamoto closed the week with outflows exceeding 6 million dollars.
The highlight was the financial instruments of XRP, the cryptocurrency issued by Ripple Labs, which recorded inflows of over 37 million dollars.
“It is the third most successful crypto asset this year with inflows to date of 214 million,” Butterfill mentioned.
On the other hand, ether (ETH) funds, the native cryptocurrency of the Ethereum network, are struggling and had negative flows of 26 million dollars during the past week.
In the last 8 weeks, total outflows exceed 770 million dollars.
