XRP Sees Third Straight Week of Institutional Capital as SEC Case Against Ripple Weakens: CoinShares
Institutional investors have been buying XRP for three weeks in a row, according to a top digital asset manager.
In its latest weekly report on digital asset fund flows, CoinShares says that the rise in institutional XRP flows suggests that investors think the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple Labs seems weaker.
In late 2020, the SEC sued Ripple over claims that the US-based payments company gave out XRP without registering it as a security.
In the past few weeks, a lot of amicus curiae briefs have been filed that show the SEC is wrong. Some experts say this makes the case against Ripple less strong.
CoinShares says this:
“Inflows of $1.1 million into XRP in the third week show that investors are feeling better as the SEC’s case against Ripple looks weaker and weaker.”
Over $15 million left institutional crypto investment products last week, which was the first week of November.
Last week, most of the money went out of Bitcoin investment vehicles (BTC), which lost $13 million.
“This comes after the FOMC meeting and after seven weeks of money coming in.” The interest rates were raised by another 75 basis points by the Federal Open Market Committee.
CoinShares has found that investors in North America sold more last week than investors in Europe.
Most of the bad news came from the Americas, with $21 million, $2.1 million, and $1.8 million leaving the U.S., Canada, and Brazil, respectively. This was made up by $4 million from Germany and $6.8 million from Switzerland.
Last week, investments in Ethereum (ETH) brought in $2.7 million, while Solana (SOL) and Polygon (MATIC) each brought in $200,000.
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