As a seasoned researcher who has witnessed the rollercoaster ride that is the cryptocurrency market, these latest inflows into various investment products are a testament to the enduring allure of digital assets. The consistent weekly inflows into Bitcoin and Ethereum-focused funds, coupled with the impressive surge in XRP, paint a vivid picture of an increasingly maturing market.
During the last seven days, cryptocurrency investment products witnessed an impressive inflow of approximately $3.2 billion, marking this as the tenth consecutive week of such investments and pushing their cumulative total to a staggering $44.5 billion. Notably, Bitcoin-focused investment funds attracted the most interest, with investors pouring in around $2 billion.
As per the latest report from CoinShares’ Digital Asset Fund Flows, Ethereum-focused investment products received a significant boost last week, totaling approximately $1.089 billion. This brings the yearly total for such investments to an impressive $4.44 billion. Additionally, products specializing in XRP, the token native to the XRP Ledger, also saw inflows of around $145.8 million.
As an analyst, I’m observing a significant surge in investments focused on XRP this year. In fact, a whopping $421 million has flowed into these investment products year-to-date. Remarkably, more than half of that, approximately $280 million, has poured in over the last month alone. This influx corresponds with an impressive 110% increase in XRP’s price over the past month, and a staggering 380% rise over the previous six months. Currently, XRP is trading at $2.37, marking a substantial leap from its price of just $0.61 this time last year.
According to recent reports, it appears that large investors (often referred to as “whales”) on the XRP Ledger have been significantly increasing their holdings of the network’s native cryptocurrency, XRP. Interestingly, as the value of the XRP token increases, so does the amount held by these large investors.
As highlighted by well-known crypto analyst Ali Martinez and supported by data from Sentiment, significant cryptocurrency holders (whales) owning between 1 million to 10 million XRP units have amassed over 100 million tokens, equivalent to approximately $240 million, during a minor price drop for the token.
It appears that the data from our firm indicates a significant increase in cryptocurrency accumulation by addresses within this group over the past few weeks. Currently, they are estimated to hold between 4 and 79 billion XRP tokens. Furthermore, addresses holding between 10 million and 100 million XRP tokens have consistently added more tokens since the start of the year. This increment has grown from approximately 5.2 billion XRP to now total 6.91 billion tokens.
Santiment’s data suggests that addresses holding between 1 million and 10 million XRP appeared to accumulate tokens, while addresses with 100,000 to 1 million XRP seemed to offload their XRP during the cryptocurrency’s price increase. The larger cohort (100,000 to 1 million XRP holders) collectively sold approximately 200 million XRP as the price of the cryptocurrency went up.
Approximately $1.9 million, $1.7 million, and $2.2 million were added to investment products that track altcoins like Cardano, Solana, and Litecoin respectively. Similarly, these products linked to Binance‘s BNB and Chainlink each received around $700,000 in new investments.
Investors poured $14.6 million into financial instruments predicting a drop in Bitcoin’s price, as they anticipate a short-term fall following its record high of $100,000 earlier this month. Conversely, products offering exposure to various digital assets experienced withdrawals totaling $31 million, suggesting investors are focusing on Bitcoin specifically.
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2024-12-16 23:24