The XRP Inflow Crash by $37.2M as Bitcoin and Ethereum Take the Lead

The crypto investment products have witnessed $3.3 billion in inflow this week, and a massive XRP inflow crash.

Crypto investment products have seen inflows of $3.3 billion this week, with a massive XRP inflow crash.

XRP Inflows Crash As SOL, ADA Gains Momentum

According to the latest CoinShares report, crypto investment products experienced inflows totaling $3.3 billion this week and $10.8 billion over the last six weeks. The report highlights that the AUM event hit $187.5 billion earlier in the week before decreasing slightly. The report attributes this change to the Bitcoin price, which reached an all-time high (ATH) earlier in the week.

In terms of individual assets, XRP saw a significant downturn, with investors pulling a total of $37.2 million from XRP products. This marks the worst weekly performance by far and follows a month of persistent outflows, summing up to $28.6 million in outflows to date. As a result, the world’s sixth-largest cryptocurrency's 80-week inflow streak has come to an end. However, on the Year-to-Date mark, XRP still stands strong with $226 million in inflows, considerably higher than its competitors like ADA, SOL, SUI, and LINK.

On the other hand, SOL saw inflows of $4.3 million, SUI had inflows of $2.9 million, ADA experienced a smaller inflow of $0.6 million, and LINK saw inflows of $0.9 million. This shift in attention might be linked to the increasing interest in trending altcoins like SOL, SUI, and LINK, diverting attention away from XRP.

Furthermore, Bitcoin and Ethereum continue to dominate institutional flows, as BTC had inflows of $2.9 billion this week and ETH experienced inflows of $326 million.

Top Reasons Why XRP Inflows Crashed

As the chart below shows, while SOL, ADA, SUI, and LINK are gradually gaining traction in the market, XRP is suffering amid a major sentiment shift and outflows. The cryptocurrency price also experienced a significant decline, crashing to a low of $2.27 before recovering slightly. At the time of writing, XRP is trading at $2.33 after a 2% surge in the last 24 hours.

The report from CoinShares further highlights that the decrease in investors’ confidence in the digital asset is the primary reason behind the XRP inflow crash.

This is also a continuation of last month’s outflows, amid profit rotation, which experts also associate with the delay in Spot XRP ETF approval.

Besides the delay in the regulatory hearing, i.e., the SEC vs Ripple lawsuit, uncertainty over the token is still being cast, resulting in this crash. Another reason is that Bitcoin and Ethereum had the investors hooked, with Bitcoin’s ATH and other bullish factors. As a result, the momentum shifted to them.

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