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In a market environment marked by cautious sentiment and shifting investor behavior, digital asset investment products recorded outflows for the second straight week, totaling $206 million. Despite this, XRP emerged as an exception, with $1.3 million in inflows, defying the broader trend.
Trading volumes dip
According to CoinShares’ latest report, trading volumes in digital asset exchange-traded products (ETPs) experienced a slight decline, reaching $18 billion. These volumes accounted for 28% of total Bitcoin trading volumes, down from 55% a month ago. Bitcoin, which continues to dominate the market, witnessed outflows of $192 million.
However, short-Bitcoin products saw only $0.3 million in outflows, indicating a lack of interest among investors to capitalize on the negative sentiment. The negative sentiment was predominantly driven by U.S. ETFs, which saw outflows of $244 million. Established ETFs were the hardest hit, while newly issued ETFs continued to attract inflows, albeit at a reduced rate compared to previous weeks.
Meanwhile, Ethereum recorded outflows of $34 million, marking its sixth consecutive week of negative flows. Multi-asset products, however, showed improved sentiment, with inflows of $9 million last week. Litecoin and Chainlink also saw positive inflows of $3.2 million and $1.7 million, respectively.
XRP stands out
Amid the broader outflow trend, XRP stood out with $1.3 million in inflows. This unexpected surge in interest could be attributed to specific factors driving demand for XRP. One potential factor could be the growing adoption of Ripple‘s technology solutions, particularly its cross-border payment platform.
In addition to the influx of $1.3 million in inflows, XRP’s price performance further underscores its resilience and attractiveness to investors. Currently priced at $0.5336, XRP has seen a modest increase of 0.82% in the last 24 hours and a more significant gain of 3.01% over the past week.
The 24-hour trading volume of XRP has also surged, rising by 12.61% and reaching $1,129,623,228. This increase in trading volume indicates heightened activity and interest in XRP, suggesting that the asset continues to capture the attention of both short-term traders and long-term investors.
Read More: XRP Bucks Trend With $1.3 Million Inflows as Bitcoin Outflows Continue
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