The world of cryptocurrency has been experiencing a lot of ups and downs lately, with some coins seeing significant outflows while others are attracting significant inflows. According to recent reports, crypto outflows have persisted for the seventh week in a row, while XRP investment products are seeing a surge in inflows.
Crypto Outflows
Crypto outflows refer to the movement of funds out of cryptocurrency assets. This can happen for a variety of reasons, including market volatility, regulatory concerns, or simply a lack of confidence in the asset. According to data from CoinShares, a digital asset investment firm, crypto outflows have been persisting for seven consecutive weeks.
The report shows that investors have withdrawn a total of $267 million from cryptocurrency investment products over the past seven weeks. This is a significant drop from the previous weeks, where outflows were averaging around $100 million per week. The majority of these outflows were from Bitcoin investment products, which saw a total of $89 million withdrawn over the past seven weeks.
XRP Inflows
While some cryptocurrencies are experiencing outflows, others are seeing significant inflows. XRP, the digital asset associated with Ripple, has been attracting a lot of attention from investors lately. According to CoinShares, XRP investment products saw inflows of $33 million last week alone.
This surge in XRP inflows is likely due to several factors. First, Ripple has been making headlines lately with its ongoing legal battle with the SEC. Many investors see this as an opportunity to buy XRP at a discounted price, as the legal uncertainty has caused the price to drop significantly.
Second, Ripple has been making moves to expand its use cases beyond just cross-border payments. The company recently announced that it would be launching a new platform called RippleX, which will allow developers to build decentralized applications on top of the XRP Ledger. This move could potentially increase demand for XRP and drive up its price.
Conclusion
The world of cryptocurrency is always changing, and investors need to stay on top of the latest trends and developments. While some cryptocurrencies are experiencing outflows, others are seeing significant inflows. XRP, in particular, has been attracting a lot of attention lately due to its legal battle with the SEC and its expansion into new use cases. As always, investors should do their own research and make informed decisions before investing in any cryptocurrency.
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- Source: Plato Data Intelligence.