XRP shines green amid $2.9 billion market setback

XRP shines green amid $2.9 billion market setback

Amid a challenging week for digital asset investment products, XRP emerges as the only beacon of positivity, showing resilience in the volatile market. The latest Coinshares weekly report reveals a setback with minor outflows totaling $21 million in digital assets, particularly affecting higher-cost issuers in the US.

Amid a challenging week for digital asset investment products, XRP emerges as the only beacon of positivity, showing resilience in the volatile market. The latest Coinshares weekly report reveals a setback with minor outflows totaling $21 million in digital assets, particularly affecting higher-cost issuers in the US.

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Notably, since the launch of spot ETFs on January 11, 2024, current players have been hit hard with $2.9 billion in capital outflows.

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However, amid the pessimism, the report presents a silver lining. The data illustrates a notable influx of more than half a million dollars into investment products, particularly those focused on the popular cryptocurrency XRP. The digital asset is the only alternative to Bitcoin that has seen positive capital flow, recording an impressive $4 million since the beginning of the year.

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Fountain: CoinShares

The hit

The biggest hit to the market came from Grayscale’s decision to sell its Bitcoin holdings from the GBTC trust, which contributed to the overall setback. Even with the introduction of new ETFs, which have generated $4.13 billion in inflows since their launch, they were unable to offset the losses suffered by existing higher-cost ETPs.

Investors took advantage of recent price weakness to capitalize on short investment products in Bitcoin, with inflows there and outflows of less than $25 million for Bitcoin itself.

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As the digital asset landscape undergoes challenges, XRP’s resilience and positive capital flow underline its appeal among investors.

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