The post XRP’s Winning Streak: Explosive Weekly Inflows Throughout 2023, Coinshares Head Confirms appeared first on Coinpedia Fintech News
CoinShares’ Head of Research, James Butterfill, recently discussed a noteworthy shift in investor interest towards XRP following a favorable ruling for Ripple by Judge Torres. He pondered whether this indicates a move away from Bitcoin or simply a surge in general interest.
In a conversation on the Wolf of All Streets podcast, James highlighted that Bitcoin adoption among institutions remains relatively low, estimated at just 5 to 10 percent, in contrast to other markets like stocks. He suggested that if a major player were to invest in a Bitcoin ETF, it could trigger a trend similar to MicroStrategy’s Bitcoin purchase three years ago, which influenced other companies to follow suit.
James emphasized that even after Ripple’s partial victory against the SEC, institutional investors are persistently showing interest in XRP. According to CoinShares’ data, these significant investors have been consistently allocating funds to XRP for 16 consecutive weeks.
Presently, XRP’s assets under management amount to $24 billion, including $71 million held in exchange-traded products (ETPs). Despite the modest amounts, investors have been gradually increasing their XRP holdings throughout the year, maintaining this pattern for 16 weeks with only a couple of exceptions. This consistent investment flow signifies positive sentiment and is regarded as a favorable sign for the cryptocurrency.
James commented, “For 16 straight weeks, there have been inflows, with only a few exceptions. This year, almost every single week has seen inflows for XRP. This is a positive indicator for XRP, revealing that when regulatory clarity is present, investor support follows. Similar trends can be observed with Bitcoin – negative news prompts withdrawals, while positive developments attract investments.”