XRP has seen a massive $1.2 million in inflows, a move that stands in stark contrast to the significant outflows Bitcoin experienced last week.
XRP has seen a massive $1.2 million in inflows, a move that stands in stark contrast to the significant outflows Bitcoin experienced last week.
This trend highlights investors’ growing interest in alternative cryptocurrencies, or altcoins, as they seek to diversify their portfolios amid market uncertainty.
XRP’s recent entry is not just a routine occurrence, but a sign of a broader shift in sentiment among cryptocurrency investors. While Bitcoin has seen outflows totaling $904 million, XRP has managed to attract $1.2 million, demonstrating the growing appeal of the altcoin.
According CoinSharesIn the most recent report, digital asset investment products saw record weekly outflows of $942 million, the first after a record seven-week streak of inflows totaling $12.3 billion.
The recent price decline caused investor reluctance, resulting in substantially lower inflows to new ETF issuers in the United States, which witnessed inflows of $1.1 billion, offsetting to some extent significant losses. of $2 billion from the current Grayscale last week.
Bitcoin accounted for 96% of flows, with $904 million in outflows, while shorted Bitcoin saw small outflows totaling $3.7 million. Ethereum, Solana, and Cardano also suffered losses, recording outflows of $34 million, $5.6 million, and $3.7 million, respectively.
The outflow of funds from Bitcoin and Ethereum, which together amounted to $976 million in outflows, has opened a window of opportunity for altcoins such as XRP and Litecoin.
The rest of the altcoin space, including XRP, did well, with net inflows of $16 million.
At the time of writing, XRP is up 0.92% in the past hour to $0.638. The price of XRP has risen steadily since Friday’s drop to a low of $0.598.
XRP will mark its third consecutive day of gains if it closes in the green today, having reached intraday highs of $0.6422 in today’s trading session.
