Institutional investors rallied around XRP last week, assets under management, AUM or XRP investment products have nearly doubled.
According to CoinShares’ Weekly Digital Asset Fund Flows Report, about $ 33 million has been spent this week in XRP products, bringing assets in this sector to $ 83 million.
The report describes this week as the most bullish corporate cryptocurrency since the beginning of March, when $ 233 million was invested in institutional funds.
In general, the altcoin market has resumed activity: $ 65 million was allocated for Ethereum products, Binance Coin – $ 3 million, Bitcoin Cash – $ 4 million, Polkadots – $ 5 million, and Tezos attracted $ 7 million in flows. … About $ 6 million has been invested in multi-active products.
Bitcoin products account for nearly 78% of the $ 50 billion in corporate assets, followed by $ 10.7 billion, or 16.8% of cryptocurrencies. All other cryptocurrencies account for less than 1% of the capital locked in the sector, with Binance Coin at $ 571 million, Polkadot at $ 45 million, and Bitcoin Cash at $ 16 million.
In addition to significant investment inflows, institutional trading volume increased by 59% weekly to a record $ 4.8 billion. Rising prices have consistently pushed managed assets for crypto investment products to record levels in excess of $ 64 billion.
Grayscale accounts for 77% of the company’s crypto assets with nearly $ 50 billion, followed by CoinShares with $ 5.7 billion, or nearly 9% of the entire sector, and 3iQ with $ 1.9 billion, or nearly 3%.
North American demand for institutional cryptocurrencies appears to be on the rise as Canadian regulators approved three Ether ETFs, or ETFs, last week following the success of several Bitcoin ETFs recently launched in Canada.