Altcoin
Ethereum, Solana, XRP Record Massive Buying By Institutional Investors
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
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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