Bitcoin & XRP Lead $644M Crypto Inflow
Digital asset investment products experienced a significant turnaround, recording a $644 million weekly inflow, ending five consecutive weeks of withdrawals. This positive sentiment was largely driven by Bitcoin and XRP, which collectively saw a net inflow of $730 million. This is in stark contrast to Ethereum, which experienced substantial outflows.
Bitcoin and XRP Dominate Inflows
According to CoinShares' weekly report, Bitcoin led the way with $724 million in inflows. XRP secured the second position with an inflow of $6.7 million. Solana followed with $6.4 million, while Polygon and Chainlink saw more modest inflows of $0.4 million and $0.2 million, respectively.
Conversely, Ethereum recorded the largest outflow at $86 million. Other notable outflows included Sui, Short Bitcoin, Polkadot ($1.3 million), Tron ($0.95 million), and Algorand ($0.82 million).
Bitcoin Reverses Negative Trend
The positive shift marks a reversal of a five-week period characterized by net outflows across digital asset investment products. While Bitcoin previously experienced significant outflows, it has now become the dominant driver of this week's inflow. This development is noteworthy, especially considering the ongoing rivalry between Bitcoin maximalists and XRP supporters.
XRP Adoption Grows
Further bolstering the positive sentiment around XRP, Japanese real estate firm Open House has integrated XRP, along with Dogecoin (DOGE) and Solana (SOL), as payment options. While initially reported as excluding Bitcoin, Open House clarified that they had previously accepted Bitcoin and Ethereum and simply expanded their options to include XRP, DOGE, and SOL. This highlights growing adoption for XRP.
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Disclaimer: This content reflects the author's opinion and is subject to market conditions. Conduct thorough research before investing in cryptocurrencies. Neither the author nor Codeum is responsible for any financial losses.