Institutional investments have poured into products related to digital assets as a result of recent market-swinging accomplishments by Ripple (XRP) and other macroeconomic factors.
In addition to Bitcoin (BTC), the market leader, XRP, Solana (SOL), and Stellar (XLM) all saw sizeable inflows in the majority of items, according to the latest statistics from crypto analytics firm CCData.
The total increase in assets under management (AUM) for XLM-based products this month was $17.3 million, or 62.7%.
Grayscale’s Stellar Lumen Trust XLM product, which had a premium of more than 330%, came in as the highest gainer.
Asset-based products for XRP climbed by 33.2%, while those for Solana increased by 55.7%. XRP has witnessed a large boost as a result of its partial triumph before the SEC. Both products’ assets under management climbed, reaching $65.7 million and $87.8 million, respectively.
Ripple’s victory before the SEC on the public sale of assets is the cause of the recent rise in institutional investment.
Despite the fact that sales to some investors were discovered to be in violation, many traders saw the triumph as a step in the right direction against the regulator’s attack.
After the verdict, XRP and other altcoins traded above 62%, pushing the market back into the black. Recently, SOL has grown 6%, whereas XLM has increased 13.4% during the same time period.
Notably, trading in tandem with the price of XRP, the price of XLM has climbed by more than 60% since the court ruled against the SEC.
XRP, SOL, and XLM are currently trading at $0.71, $25.34, and $0.16, respectively, as upward market activity decreases.
BTC products continue to dominate.
The report revealed a split attitude towards a number of investments due to various factors. At the beginning of the month, the SEC denied a few BTC spot ETC applications, making it unknown whether the US will be granted one.
Interest grew as applications were re-filed with modifications intended to boost investor confidence. CoinShares this week reported a minor outflow of $6.5 million from BTC products after four weeks of nonstop inflows totaling $742 million.
Investors, notably in North America, kept BTC as their “primary focus” while they awaited the launch of the first ETF.
According to CCData, ProShares BITO had an average daily volume of $179 million, an increase of 2.9% from the previous month. This data also shows that product volumes are rising. The Ethereum and Bitcoin products from Grayscales, with daily volumes of $83 million and $31 million, respectively, finished in second and third.
With a 78% market share and $26.3 billion in AUM for the month of July, the United States maintained its position as the world leader in AUM.