Altcoin News

Increasing Demand Of Ripple Under AUM – Price Nearly Doubles.

Institutional investors have been bullish around Ripple [XRP] this past week, with the assets under management, or AUM, or XRP investment products nearly doubling.

In line with CoinShares’ weekly digital asset, fund flows report, roughly $33 Mln flowed into Ripple products in the week, pushing the sector’s AUM up to $83 Mln.

The report describes the week as the most bullish for institutional cryptocurrency products since March, with $233 Mln being invested into the institutional funds.

Altcoins saw renewed market action overall, with $65 Mln allocated to Ethereum products, while Binance Coin funds took in $3 Mln, Bitcoin Cash [BCH] saw $4 Mln, Polkadot [DOT] received $5 Mln, and Tezos attracted $7 Mln worth of inflows. Roughly $6 Mln was invested into multi-asset products.

Bitcoin products represent nearly 78% of institutional AUM with $50 Bln, followed by Ethereum with $10.7 Bln or 16.8% cryptocurrency product exposure. All other cryptocurrency assets represent less than 1% of capital locked within the sector, with Binance Coin representing $571 Mln, Polkadot representing $45 Mln, and Bitcoin Cash representing $16 Mln.

Moreover additionally to large inflows, institutional trade volume surged, gaining 59% week-over-week to tag $4.8 Bln. All-time price highs also pushed the AUM of cryptocurrency investment products into record highs above $64 Bln.

Grayscale represents 77% of institutional cryptocurrency AUM with nearly $50 Bln, followed by CoinShares with $5.7 Bln or almost 9% of the sector’s total, following by 3iQ at $1.9 Bln or roughly 3%.

North American demand for institutional cryptocurrency products appears to be surging, with Canadian regulators approving three Ethereum ETFs [Exchange-traded Funds] as reported earlier week, following the success of several recently launched Bitcoin ETFs in Canada.

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