A new report shows that a multitude of institutional investors are gathering around XRP, the native crypto of the US-based cross-border blockchain payment company Ripple, and many other big altcoins. And an enormous amount has gone into XRP’s investment products. Interestingly, this happened within a week.
XRP Products’ AUM has almost doubled
CoinShares released its weekly Cryptocurrencies Fund Flow Report, which found XRP products to hit a whopping $ 33 million in just a week. As a result, the sector’s Over Asset Under Management (AUM) skyrocketed, almost doubling when it reached $ 83 million.
In addition, the report further highlighted that the previous week was the most bullish week for institutional digital asset products since early March. Institutional funding to date has totaled US $ 233 million.
If we talk about the performance of other altcoins, they saw another action in the market with an allocation of around $ 65 million for Ether (ETH) products. On the flip side, the leading digital assets exchanging Binance’s native cryptocurrency, Binance Coin (BNB), are nearly $ 3 million. Bitcoin Cash (BCH) saw an inflow of around $ 4 million. On the flip side, Polkadot (DOT) and Tezos (XTZ) products saw inflows of $ 5 million and $ 7 million, respectively. Multi-asset products received $ 6 million in institutional funding, according to the report.
Grayscale, a leading cryptocurrency asset management company, recently reached a significant milestone when its total asset under management reached $ 50 billion. With this performance, grayscale now makes up 77 percent of total institutional cryptocurrency assets under management.