Institutional investment for XRP almost doubles, as the institutional crypto products see the most bullish week since early March.
According to the report published on April 19th, the XRP has been the most popular coin last week with inflows of $33 million in its asset under management. As a result of this bullish week now XRP has $83 million in AMU (asset under management).
Last week the “Inflows into digital asset investment products totaled $233 million”. Further the overall market price action pushed the AMU, for the first time, to $64 billion.
Additionally, the report asserted that the combination of fear of inflation, price momentum, and the acceptance of digital assets from institutional investors caused an increase in appetite for digital asset investment products.
Out of the total $233 million, Bitcoin owns the largest share of $108 million followed by Ethereum, Multi-asset, Binance, Polkadot, Ripple, Bitcoin cash with the share of $65M, $6M, 2.7M, 4.6M, $33M, $4.1M, and $9M respectively.
During the week, the trading turnover also shot up by 59% to $4.8 billion in total, compared to the last week.
The report also shows the division of total institutional AMU (asset under management). Bitcoin tops the chart with a share of 78% which accounts for $50 billion followed by Ethereum with 16.8% which further accounts for $10.7 billion and all the remaining represents less than 1%.
Lastly, the single largest firm that holds the largest share out of the total AMU is Grayscale, Which represents 77% ($49,464 million), followed by Coinshres with 9% ($5,693), 3IQ with 3% ($1,926 million), and the remaining 11% is shared between 21Shares, ETC Issuance, Purpose, and Others.
Despite all the institutional support that the XRP got during the last week, it is currently in a downturn as it has not gained much during the last 7 days.