According to the latest fund flow report around cryptocurrency-oriented products presented by CoinShares, last week was negative. However, those XRP-oriented products ended the week with a positive inflow of $800,000. Month-to-month inflows to XRP amounted to $700,000 and year-to-year to $9.5 million.
As the source notes, while inflows to XRP are relatively small, they are nevertheless the largest since the litigation between the SEC and XRP began. With recent developments, the rise in XRP inflows is unsurprising. CoinShares has been reporting outflows or neutrals from XRP over the past few weeks, but it was the last week that marked the imminent light at the end of the litigation tunnel.
In addition to XRP, inflows were seen into Bitcoin and Solana-oriented products. Moreover, the $4.6 million inflow in Bitcoin came on the back of a massive $7.1 million outflow from Short Bitcoin products. All told, $5 million has flowed out of crypto-oriented products in the past week, with analysts proclaiming the continuation of investors’ apathy.
Recent developments in SEC v. Ripple case
The past few days have been eventful in what is probably the highest-profile court case involving cryptocurrencies. The latest progress in the case is the filing of the Motion for Summary Judgments by the parties — the details of which should be made public soon. This is followed by testimony from 3,000 XRP holders and Ripple partners, where they also provide evidence that XRP is not a security. It finally became known that Ripple had obtained former SEC head William Hinman’s speech on Ethereum’s status, which the official had lobbied for, according to public accusations.
Sourced from u.today.
Written by Gamza Khanzadaev on 2023-07-11 21:15:29.