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Institutional XRP inflows surge as AUM nearly doubles

Institutional XRP inflows surge as AUM nearly doubles
Written by publisher team

Institutional investors rebounded around XRP last week, with assets under management, or XRP investment products, doubling.

According to CoinShares’ “Digital Asset Fund Flows Weekly” report, about $33 million has flown into XRP products this week, pushing the assets subject to the sector to $83 million.

The report describes the week as the most bullish for institutional crypto products since early March, with $233 million poured into institutional funds.

Altcoins saw renewed activity in the overall market, with $65 million being earmarked for Ether (ETH) products, $3 million by Binance Coin (BNB), $4 million by Bitcoin Cash (BCH), and Polkadot’s DOT with 5 Millions of dollars, and Tezos (XTZ) attracted $7 million worth of inflows. Nearly $6 million has been invested in multi-asset products.

Bitcoin (BTC) products account for nearly 78% of the $50 billion in institutional assets under management, followed by Ether with $10.7 billion or 16.8% of crypto products. All other crypto assets represent less than 1% of the closed-end capital in this sector, with Binance Coin representing $571 million, DOT representing $45 million, and Bitcoin Cash representing $16 million.

In addition to significant inflows, institutional trading volume is up, rising 59% on a weekly basis to $4.8 billion. All-time price hikes have also pushed the AUM of crypto investment products to record levels above $64 billion.

Grayscale accounts for 77% of enterprise crypto assets at around $50 billion, followed by CoinShares at $5.7 billion, or roughly 9% of the total sector, and 3iQ with $1.9 billion, or roughly 3%.

The demand in North America for institutional crypto products appears to be increasing, as Canadian regulators approved three Ether trading funds last week following the success of several recently launched Bitcoin ETFs in Canada.