Institutional investors have rallied around XRP over the past week, with assets under management, or AUM, or XRP investment products nearly doubling.
According to CoinShares’ weekly report on the flow of digital asset funds, about $ 33 million flowed into XRP products this week, pushing the sector’s AUM to $ 83 million.
The report describes the week as the most optimistic week for institutional crypto products since early March, with $ 233 million injected into institutional funds.
Altcoins generally saw renewed market action, with $ 65 million allocated to Ethereum products, while Binance Coin funds brought in $ 3 million, Bitcoin Cash received $ 4 million, Polkadot received $ 5 million, and Tezos pulled in $ 7 million in flows. About $ 6 million was invested in multi-asset products.
Bitcoin products represent nearly 78% of the institutional AUM with $ 50 billion, followed by Ether with $ 10.7 billion or 16.8% exposure to crypto products. All other crypto assets represent less than 1% of the capital locked in the sector, with Binance Coin representing $ 571 million, Polkadot $ 45 million and Bitcoin Cash $ 16 million.
In addition to large inflows, institutional trading volume increased 59% week-over-week to $ 4.8 billion. All-time price highs also pushed the AUM of crypto investment products to record highs of over $ 64 billion.
Grayscale represents 77% of the institutional crypto AUM at nearly $ 50 billion, followed by CoinShares at $ 5.7 billion or nearly 9% of the industry total, and 3iQ at $ 1.9 billion or about 3%.
North American demand for institutional crypto products appears to be on the rise, with Canadian regulators approving three Ether exchange-traded funds, or ETFs, last week, following the success of several recently launched Bitcoin ETFs in Canada.