Institutional cryptocurrency investors have raised their bets on cryptocurrency investment products offering them exposure to Solana ($SOL) and $XRP, the native token of the XRP Ledger, during the past week, which saw record outflows from crypto investment products.
According to digital asset manager CoinShares, cryptocurrency investment products saw a record-setting $255 million in net outflows, which represented 1% of the total assets under management, last week.
. This marks the fifth consecutive week of outflows for such crypto institutional investment products. BTC products suffered the most significant hit, with outflows totaling $243.5 million, while ETH only saw $11 million in outflows.
Meanwhile, investment products offering exposure to Solana saw inflows of $400,000, while those offering exposure to XRP saw inflows of $300,000. Polygon ($MATIC) investment products notably also saw inflows of $100,000.
The other cryptocurrency investment product type seeing inflows was the one offering exposure to multiple digital assets, which saw inflows of $2.2 million. These flows occurred right before the crypto market started rallying amid macroeconomic uncertainty in the US banking sector.
As CryptoGlobe reported, Solana has been seeing whale movements over the last few days. A SOL whale has recently deposited $10.2 million worth of the smart contract platform’s native currency to Coinbase, a leading US-based cryptocurrency exchange.
Earlier this month, a cluster of massive Solana whale wallets transferred over $60 million worth of $SOL to the Nasdaq-listed cryptocurrency exchange in a series of transactions that suggests the funds were moved by a single entity.
XRP, on the other hand, has been performing well after Ripple’s Chief Legal Officer Stuart Alderoty explained that the most recent ruling in the U.S. Securities and Exchange Commission’s (SEC’s) lawsuit against Ripple has left him feeling more confident than ever about Ripple’s chances of winning.
Judge Analisa Torres has recently issued a 57-page ruling on the SEC and Ripple’s notions to exclude expert testimony from summary judgment, which helped Alderoty’s confidence.
The outcome of the lawsuit is likely to have a significant impact on the price of XRP and the future of crypto as a whole, as the SEC has accused Ripple of selling XRP as an unregistered security.
Ripple’s legal team has argued that XRP’s utility, liquidity, and distribution make it incompatible with securities regulations and that labeling it security would directly impair its reason for existence.
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