CoinShares, the popular crypto assets manager, has revealed that institutional investors are currently buying up XRP as the digital asset saw massive inflows for the third week in a row.
According to CoinShares’ latest Digital Asset Fund Flows Weekly report, XRP saw a boost in institutional inflows for the third week, suggesting that investors are gaining confidence in the ongoing lawsuit between Ripple Inc. and the United States Securities and Exchange Commission (SEC).
Read Also: XRP and Cardano (ADA) Finished Strong Last Week In Terms of Inflows –CoinShares Reports
In December 2020, the SEC filed a lawsuit against Ripple for allegedly selling XRP as an unregistered security for about seven years. But recent developments in the Ripple and XRP’s camp have been positive for the digital asset.
A total of 12 amicus briefs have so far been filed in favor of Ripple, giving some experts a reason to assert that the regulator is getting weaker in its argument.
The report read in part:
“XRP saw inflows for the third week totaling $1.1 million implying improving investor confidence as the SEC case against Ripple looks increasingly fragile.”
As for other crypto investment products, over $15 million flowed out in the first week of November. Bitcoin (BTC), the largest cryptocurrency by market capitalization, took the largest share with $13 million in outflows last week.
Read Also: Coinshares: XRP, Cardano, Polkadot Are Taking Investors’ Funds Away From Ethereum: Details
According to CoinShares, North American investors sold more last week than their European counterparts.
The report further noted:
“This follows a seven-week run of inflows and comes after the FOMC [Federal Open Market Committee] raised interest rates by a further 75 basis points…
“The negative activity was focused on the Americas, with the US, Canada and Brazil seeing outflows of $21 million, $2.1 million and $1.8 million respectively. This was offset by inflows from Germany at $4 million and Switzerland at $6.8 million.”
Follow us on Twitter, Facebook, Telegram, and Google News
BlockDAG has recently updated its vesting strategy in a move that reflects its dedication to…
Palo Alto, California, April 30th, 2024, ChainwireCollaboration focuses on tackling key Web3 challenges through data-driven…
ShibaSwap, the widely used decentralized exchange (DEX) within the Shiba Inu ecosystem, has officially migrated…
In the ever-evolving world of cryptocurrency, Furrever Token (FURR) emerges as a formidable contender, surpassing…
NEW YORK, United States, April 30th, 2024, ChainwireThe first major contemporary artist to adopt the…
BlockDAG is revolutionizing the cryptocurrency presale market with its innovative blend of blockchain and Directed…