According to CoinShares’ latest weekly fund flow report, institutional investors are back in the act after a short hiatus. Especially among the selected altcoin projects, XRP provides more positive flow than others.
Institutional investors are buying these altcoin projects
According to the results from the report, XRP and Bitcoin were at the forefront in the last week. According to CoinShares, XRP and Bitcoin were the only cryptos that saw positive flows amid crypto works. XRP saw the $500,000 entry. Bitcoin, on the other hand, provided $13.4 million in flow of funds. In the overall picture, Cardano (ADA) was the only altcoin to see positive entry, apart from Bitcoin and XRP.
Investment works focused on other cryptocurrencies underperformed. Overall, all crypto investment works saw $6.1 million in inflows by the end of the week. Despite the activity in certain works, XRP and Bitcoin were finite names that received positive input. Highlights from the report are as follows:
- All crypto-focused investment works saw an inflow of $6.1 million.
- Bitcoin has generated a total flow of $13 million in funds.
- Regionally, the US and Germany were the only countries to see entries of $13 million and $3.3 million, respectively. Brazil, Canada, Sweden and Switzerland had a total outflow of 10 million dollars.
Koindeks.comWe have discussed last week’s report in this article.
Institutional investors turn away from president altcoin project
Ethereum saw a total outflow of $2.1 million with 4 consecutive weeks of fund loss. Since Merge, their debut has reached $14 million. The cryptocurrency market as a whole is experiencing one of the lowest fund inflows in recent weeks.
XRP and BTC price action
While BTC analysis continues a trend that has become common in recent months, Bart Simpson once again drew a hair formation. According to analyst Gamza Khanzadaev, as long as the S&P 500 remains stable below $3,900, the probability of a rise in Bitcoin price will remain low. Additionally, today’s close adds pressure on the monthly candlestick.
On the other hand, XRP continues to be at the top of the price range where it first appeared in early May. However, Ripple received reinforcements from the Blockchain Association, a cluster of crypto lobbyists seeking permission to support the cause. Amicus summaries have been filed by interested parties and supporters of Ripple, Internet Choice Advocates Network, and SpendTheBits. Also, Ripple, the largest public owner of XRP, has released its quarterly report. He explained that the company owns less than 50% of the total supply of XRP.