XRP Bets Made by Investors for First Time Since Start of Year


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Gamza Khanzadaev

Funds flows in XRP-oriented products make U-turn as investor sentiment changes

According to CoinShares’ latest report on funds flows in cryptocurrency-oriented investment products, XRP ended last week with inflows of $300,000. This was thus the first time since the beginning of the year that XRP-oriented products have attracted funds from investors. Recall that $3 million flowed into such products on Jan. 9 but then flowed back out in the following weeks.

If you add up all the funds flows into XRP-focused investment products since the start of the year, it comes out to zero. It is important to evaluate this result given the conservative view of traditional investors on the crypto market, as well as the ongoing court litigation between the SEC and Ripple. However, other altcoins, except Ethereum (ETH), also have zero in the year-to-date column.

General crypto market outlook

Despite the positive funds flows into XRP, the past week was generally marked by the largest outflows from the crypto market since December 2022.

As reported, investors have withdrawn almost $32 million from cryptocurrency-oriented products since Feb. 13. Bitcoin (BTC), Ethereum (ETH) and multi-asset funds were hit the hardest. However, as a CoinShares analyst points out, the midweek outflow was at one moment double that, at $62 million, but by the end of the week, investor sentiment had improved significantly.

Interestingly, the outflows peaked during that period during the week when Bitcoin was up more than 10% and fell by half after the local bottom was well behind.

Source: https://u.today/xrp-bets-made-by-investors-for-first-time-since-start-of-year