CoinShares released its weekly Digital Asset Fund Flows report yesterday. While the data there might be worrisome, it also sparks hope that institutions are showing interest in a certain group of select altcoins for the first time in a while.
The report notes that:
Digital asset investment products saw outflows totalling US$54m last week, with outflows for 8 out of the last 9 weeks that aggregate to US$455m.
It’s worth noting, though, that Bitcoin is responsible for some 85% of the total outflows, which account for $45 million of the $54 million of total outflows. Ethereum is second in line with $4.8 million.
But amongst those, there’s a group of altcoins that has seemingly attracted the interest of institutions.
Namely, these are Solano, Cardano, and XRP. They attracted inflows of $0.7 million, $0.43 million, and $0.13 million, respectively. While $130,000 worth of institutional inflows might not seem like a lot, it’s important to look at it in the context of a market that has seen inflows worth over $50 million in the same period.
That said, the XRP price continues to perform well, managing to remain above the critical resistance level of $0.5, charting an increase of 2.5% through the day. This has brought its weekly gains to 6.3%.