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U.Today - Despite the recent surge in the Bitcoin price and the overall recovery of the cryptocurrency market, Ripple-affiliated coin XRP has faced massive outflows, while several other top cryptocurrencies are enjoying large amounts of funds coming from institutional investors.
A report published by Coinshares states that XRP has experienced staggering outflows not only in the past week but in the past month as well.
XRP bleeds hard, while ADA, SUI, SOL blossom
According to the report, financial institutions have been avoiding XRP-powered products this week and this month, as the table shows $37.2 million outflows faced last week and $28.6 million outflows month-to-date. However, the year-to-date inflows remain positive and constitute $226 million. In total, there are $1.362 billion worth of XRP in various products under management, the document says.Meanwhile, ADA, SUI, LTC and LINK are enjoying significant inflows over the past week. SOL has attracted $4.3 million (and $0.5 million over the past month), and SUI comes second with $2.9 inflows weekly flows and $23.9 million year-to-date. Litecoin is showing the same results as SUI.
XRP stands closest to BTC and ETH in monthly inflows
Cardano’s native coin, ADA, has managed to pick up $0.60 million in weekly and $1.9 million in monthly inflows. LINK attracted $0.9 million and $1.1 million. Still, XRP has outperformed all these coins by year-to-date inflows with its $226 million versus $80 million for SOL, $96 million for SUI, $73 million for ADA and $5 million for Litecoin.As for the two largest cryptocurrencies on the market, Bitcoin and Ethereum, they remain unmatched with $2.979 billion and $326.2 million in weekly inflows and $5.498 billion and $568.5 million in monthly ones. XRP, with its $226 million MTD inflows, stands closest to them among the top-cap assets named above.
Bitcoin reclaims $110,000 briefly
Over the past 24 hours, the world’s leading cryptocurrency, Bitcoin, has managed to briefly reclaim the $110,000 price level after staging a 3% increase from $106,960. This BTC upward move got the whole crypto market following it to the North. All altcoins began logging significant rises, entering the green zone.However, by now, BTC has shown a slight setback and is changing hands at $109,850, still attempting to recover above $110,000 once again today.