Investors Rally Behind XRP as Crypto Market Sees Mixed Movements

Last week, net inflows of $6 million were reported in cryptocurrency-based investment products. According to CoinShares’ weekly report, global investor sentiment remains mixed, yet there are signs of recovery. While outflows from the U.S. continue to exert pressure on the market, strong inflows from Europe and Canada have balanced the situation. Notably, the altcoin XRP has captured investors’ attention, ending the week with an impressive performance.

Increased Inflows from Europe and Canada, Outflows from the U.S.

Data from CoinShares indicate a significant outflow of $71 million from U.S.-based cryptocurrency investment products. This represents the highest regional outflow for the week. In contrast, Europe presents a more optimistic scenario, with inflows of $43.7 million in Switzerland, $22.3 million in Germany, and $9.4 million in Canada. These figures suggest that regional investors are beginning to regain confidence in the cryptocurrency market.

Mid-week, strong U.S. retail sales data briefly induced panic among investors. Overall, there was a total outflow of $146 million due to incoming macroeconomic signals. However, the balanced flow throughout the week indicates that interest in cryptocurrency-based investment products remains robust.

XRP Shines as Inflows Surge, Ethereum Sees Deepening Outflows

In terms of specific cryptocurrencies, Bitcoin $102,530 closed the week with a slight outflow of $6 million. The fluctuating trends seen in Bitcoin reflect investor uncertainty. Additionally, short Bitcoin investment products have recorded outflows for the seventh consecutive week, amounting to a total of $36 million, which corresponds to 40% of assets under management.

The leading altcoin, Ethereum (ETH) $2,192, continued its streak of outflows, with $26.7 million leaving Ethereum-based investment products last week. Over the past eight weeks, Ethereum has experienced a total outflow of $772 million. Nonetheless, it retains its position as the second most popular investment product in terms of inflows this year, with total inflows reaching $215 million.

Meanwhile, altcoin XRP gained significant traction, seeing inflows of $37.7 million last week, bringing its total net inflows for the year to $214 million. This performance ranks XRP as the third most sought-after cryptocurrency-based investment product this year. The growing search for alternatives away from traditional markets is bolstering interest in XRP.

Additionally, altcoins Solana $163 (SOL) and Cardano $0.76064 (ADA) recorded limited inflows of $300,000 each, while Sui (SUI) faced an outflow of $1.1 million.