Cryptocurrency investment products saw over $3.2 billion inflows over the past week, making the tenth consecutive weekly inflows these products have seen and bringing their total to now top $44.5 billion. Bitcoin investment products led the market, with investors moving $2 billion to these funds.
According to CoinShares’ Digital Asset Fund Flows report, Ethereum-focused investment products saw $1.089 billion in inflows over the past week, which brought the year-to-date inflows of these products to $4.44 billion. Products focusing on XRP, the native token of the XRP Ledger, also stood out, with $145.8 million inflows.
Year-to-date, XRP-focused investment products saw $421 million inflows, with $280 million of those funds coming over the past month as the price of the cryptocurrency shot up more than 110% over the past month, and over 380% in the last 6-month period. The cryptocurrency is now trading at $2.37, up from just $0.61 a year ago.
XRPUSD Chart via TradingView
As reported, large whales on the XRP Ledger have been heavily accumulating the network’s native cryptocurrency, with data showing that as the price of the XRP token rises, so do large whales’ holdings.
According to data from on-chain analytics firm Sentiment, as first pointed out by popular cryptocurrency analyst Ali Martinez, cryptocurrency whales with between 1 million and 10 million XRP tokens have accumulated more than 100 million tokens, worth over $240 million, when the token’s price saw a small dip.
Indeed, the firm’s data shows that addresses in this cohort heavily accumulated the cryptocurrency over the last few weeks, to now hold an estimated 4-79 billion XRP tokens, while addresses holding between 10 million and 100 million XRP tokens have, since the beginning of the year, steadily been adding more tokens, going from around 5.2 billion XRP to now have 6.91 billion tokens.
Santiment’s data further shows that addresses with between 1 million and 10 million tokens seemingly accumulated as addresses holding 100,000 to 1 million XRP dumped amid the cryptocurrency’s price rise, with the holders of the latter cohort dropping by roughly 200 million XRP over the cryptocurrency’s price rise.
Investment products offering exposure to other altcoins including Cardano, Solana, and Litecoin saw minor inflows of $1.9 million, $1.7 million, and $2.2 million respectively. Products offering exposure to Binance’s BNB and Chainlink saw $700,000 inflows each.
Products betting against the flagship cryptocurrency Bitcoin saw $14.6 million inflows as more traders bet on the cryptocurrency’s price falling shortly after it topped the $100,000 mark for the first time earlier this month. The only products that saw outflows were those offering exposure to multiple digital assets, with investors pulling $31 million off of those.
Featured image via Pexels.
