There’s been a recognisable growing interest by institutional investors in digital assets, spearheaded by the substantial gains registered by XRP. Noteworthy surges have also been observed in other cryptocurrencies like SOL and Stellar (XLM). The industry has especially observed significant inflows into XLM-based products, which have gone up by 62.7% with $17.3 million AUM.
In a similar trend, the asset-based products of both XRP and SOL grew by 33.2% and 55.7% respectively, accumulating a total AUM of $65.7 million and $87.8 million. This trend was influenced mostly by Ripple’s partial triumph against the SEC over public asset sales. Although some investors’ sales were deemed flawed, the ruling was perceived positively by traders who viewed it as the light at the end of the regulator’s dark tunnel.
As for the market, XRP traded above 62%, pulling other altcoins along and pushing the market into the green zone. This happened while SOL’s price surged by 6% while XLM observed a 13.4% boost over the same period. To add to intrigue, XLM’s price appeared to mirror XRP’s, soaring over 60% right after the court ruling against the SEC.
Interestingly, amidst all these developments, BTC products remain top favorites for investors. Despite marked skepticism stemming from the SEC’s reservations about some BTC spot ETC applications, interest in BTC products is resilient. After four weeks of consistent inflows, totalling $742 million, there were minor outflows of $6.5 million from BTC products last week.
Undeniably, the spotlight is pointed firmly at BTC, particularly noteworthy in North America, as investors hold their breath for the much-anticipated first BTC ETF. The AUM for products in the region shows promise, with ProShares BITO recording $179 million in average daily volume, a 2.9% increase from last month. This compares with Grayscale’s Bitcoin and Ethereum daily volumes of $83 million and $31 million respectively.
In conclusion, it’s crystal clear that the USA is calling the shots in the crypto investment domain, recording an AUM of $26.3 billion in July and controlling 78% of the market share. Regardless of the twists and turns in the investment landscape, the institutional investors’ progress towards crypto-assets is one that cannot go unnoticed.
Source: Cryptonews
