Breaking: Ethereum, Solana, XRP Record Massive Buying By Institutional Investors – CoinShares
Highlights
- Crypto asset investment products saw a $185 million inflow last week, with $2 billion inflow in May.
- Ethereum, Solana, XRP, ADA witnessed buying from institutional investors.
- ETH, SOL, XRP prices to begin rally as sentiment improves.
Crypto asset investment products saw a $185 million inflow last week, taking the total inflow in May to more than $2 billion. This is the fourth consecutive inflow and indicates a massive demand by institutional investors has returned. Ethereum, Solana (SOL), XRP, and Cardano (ADA) continue to see record buying.
Bitcoin, ETH, SOL, XRP, ADA Saw Inflows
Digital asset investment products’ $185 million inflow last week became the catalyst for year-to-date inflows to surpass the $15 billion mark for the first time, reported CoinShares on June 3. The total inflows dropped from $1.05 billion as trading volumes fell amid monthly options expiry and US PCE inflation data on Friday.
Trading volumes were down for the week, falling to $8 billion from $13 billion in the prior week. The US again recorded the highest Bitcoin inflow of $148 million due to spot Bitcoin ETF. Short-bitcoin recorded another week of outflows $3.5 million.
Ethereum saw positive buying for the second week of $33.5 million due to the SEC’s approval of spot Ether ETF. This was a complete turnaround in ETH investments, triggering a $5.8 million purchase of Solana.
XRP and ADA also recorded a rise in inflow of $0.8 million and $0.3 million, respectively. The inflow has doubled as compared to the prior week.
“Switzerland saw its second largest week on inflows this year at $36 million, while Canada saw a turnaround with inflows of $25 million despite seeing a net outflow in May totaling $39 million,” as per the report.
Also Read: Binance Delisting All Pairs & Ceasing Support of These Crypto
ETH, SOL, XRP Prices See Upside Momentum
ETH price jumped 0.5% in the past 24 hours, with the price currently trading at $3,810. The 24-hour low and high are $3,752 and $3,839, respectively. Furthermore, the trading volume has increased by 16% in the last 24 hours, indicating a rise in interest among traders.
XRP price is currently trading at $0.5191, up 0.5% in the past 24 hours. Trading volumes in the last 24 hours has jumped by 65%.
Meanwhile, Solana price fell today, with the price currently trading at $165.18. However, trading volume has increased by 53% in the past 24 hours.
Also Read: Bitcoin Price Breakout Bullish Pattern For $74000
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
