The fourth cryptocurrency by market cap, XRP, has recorded a spike in institutional investors as the assets under management (AUM)/XRP investment products climbed almost double. In its Digital Asset Fund Flows Weekly, Coinshares reported that about $33 million was infused into XRP products last week. As a result, the assets under management moved to $83 million.
According to the report, the past week was the most bullish for institutional crypto products since early March when about $233 million was injected into institutional funds.
At the time of writing, XRP is up 0.87% to $1.37. The crypto asset currently stands at a market value of almost $62 billion.
Apart from XRP, investors also rallied around other altcoins. Ether (ETH) saw $65 million, BINANCE Coin (BNB) recorded $3 million and Bitcoin Cash (BCH) received $4 million. Additionally, Tezos (XTZ) saw about $7 million and Polkadot’s DOT pulled in $5 million.
Cointelegraph noted in a report that 78% of institutional AUM consists of Bitcoin (BTC) products, worth $50 billion. Following BTC is ETH with $10.7 billion or 16.8% crypto product exposure.
Generally, the crypto market has been booming as the institutional trade volume also climbed 59% week-over-week to $4.8 billion. The record prices drove the AUM of crypto investment to an all-time high of over $64 billion.
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