NewsletterBreaking: 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
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