Solana (SOL) and Ripple’s XRP are gaining traction from institutional investors, rotating funds from Bitcoin and Ethereum. Digital asset investment products globally recorded massive demand from investors in a week, with total crypto assets under management reaching a record high of $188 billion.
Investors Favor Solana and XRP
Solana recorded $21.6 million in inflows in a week, as compared to $5.3 million and $2.8 million in the previous two weeks, respectively. This represents an over 307% increase in a week, indicating massive interest from institutional investors globally.
The major factors contributing to a massive rise in buying include the Rex-Osprey Solana Staking ETF (SSK) launch, Solana-based tokenized stocks , and sentiment on spot Solana ETF approval.
Tokenized Stock Metrics.
In addition, XRP recorded $10.6 million inflows in a week, as compared to $10.6 million and $2.7 million in earlier weeks, respectively. As reported by The Crypto Times, XRP saw a 292% rise in buying activity week-over-week as Ripple and the US SEC decided to drop appeals in the 2nd Circuit court.
Crypto asset investment products saw $2.7 billion in inflows last week, bringing H1 totals within striking distance of $17.8 billion last year. Bitcoin recorded $2.2 billion in net inflows, while Ethereum saw $429 million in net inflows.
Crypto asset investment products saw $1.03 billion in inflows last week, with AuM reaching a record $188 billion. Trading volumes have reached $16.3 billion, in line with the weekly average so far this year, reported CoinShares.
Notably, Bitcoin investment products recorded $790 million in net inflows in a week, slowing from the previous three weeks. This indicates investors are becoming more cautious as Bitcoin approaches its all-time high price levels.
Meanwhile, Ethereum saw $226 million in inflows in a week, a significant slowdown from $429 million in the previous week.
Solana and XRP Prices Jump
XRP price jumped 1% after a breakout above the descending trendline, with the price currently trading at $2.29. The 24-hour low and high were $2.25 and $2.30, respectively. Furthermore, the trading volume has increased by 60% in the last 24 hours, indicating a rise in interest among traders.
Meanwhile, SOL price climbed over 3% in the past 24 hours, with the price currently changing hands at $152.26. The 24-hour low and high were $147.28 and $153.39, respectively. Furthermore, the trading volume has increased by 120% in the last 24 hours, indicating a rise in interest among traders.
