XRP investment products saw a jump in weekly cryptocurrency inflows according to the latest report published by CoinShares. Additionally, the asset manager highlighted the growing popularity of Cardano and Polkadot.
In its latest digital asset fund flows report, CoinShares mentioned that the overall cryptocurrency investment products attracted $74 million worth of inflows last week after record outflows of $151 million in the previous two weeks. XRP investment products attracted a total of $4.5 million worth of inflows last week, compared to $3.8 million in Polkadot.
The world’s second-largest digital currency Ethereum accounted for nearly 27% of all digital asset inflows last week. ETH-related investment products saw inflows worth $47 million over the last 7 days.
“Digital asset price weakness prompted investors to add positions with net inflows into investment products of US$74 million last week. This follows record outflows for the previous two weeks totaling US$151 million, representing 0.34% of assets under management. Investment product flows indicate that altcoins remain popular, with inflows into all altcoin investment products. The data suggests proof-of-stake coins remain the most popular with inflows into Cardano, Polkadot and XRP of US$5.2 million, US$3.8 million and US$4.5 million, respectively,” CoinShares mentioned in the report.
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Apart from the latest surge in popularity of XRP, Cardano and Ethereum investment products, weekly outflows remain focused on Bitcoin-related investment products. BTC products saw outflows worth $4 million last week.
In addition to the recent spike in XRP-related weekly institutional inflows, XRP Ledger (XRPL) is becoming popular among organizations around the world for cross-border payments. In May 2021, Ripple released a report on XRP and highlighted a jump in the adoption of XRPL. Ripple is also planning to support NFTs on XRPL.
XRP is currently the 7th largest digital currency in the world with a market cap of approximately $46 billion. Despite the latest dip in the cryptocurrency market, XRP has stabilized at around the $1 level.