Over the previous week, which saw record outflows from cryptocurrency investment products, institutional cryptocurrency investors increased their bets on cryptocurrency investment products offering exposure to Solana ($SOL) and $XRP, the native token of the XRP Ledger.
According to digital asset manager CoinShares, bitcoin investment products saw a record-breaking $255 million in net outflows last week, accounting for 1% of total assets under management. This is the seventh week in a row that such crypto institutional investment products have seen outflows. BTC goods took the biggest impact, with withdrawals reaching $243.5 million, while ETH witnessed only $11 million in outflows.
Meanwhile, investment products with Solana exposure had $400,000 in inflows, while those with XRP exposure saw $300,000 inflows. Polygon ($MATIC) investment products attracted $100,000 inflows as well.
The other bitcoin investment product type that experienced inflows was one that offered exposure to numerous digital assets, which had $2.2 million inflows. These movements occurred just as the crypto market began to surge in response to macroeconomic uncertainties in the US banking sector.
Solana has been witnessing whale movements in recent days, according to CryptoGlobe. A SOL whale reportedly deposited $10.2 million in the native currency of the smart contract platform to Coinbase, a renowned US-based cryptocurrency exchange.
Earlier this month, a group of enormous Solana whale wallets transferred more than $60 million in $SOL to the Nasdaq-listed cryptocurrency exchange in a series of transactions that suggest 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 stated that the most recent judgement in the SEC’s action against Ripple has left him feeling more confident than ever about Ripple’s chances of winning.
Judge Analisa Torres recently released a 57-page order on the SEC and Ripple’s claims that expert witness should be excluded from summary judgment, which boosted Alderoty’s confidence. Because the SEC has accused Ripple of selling XRP as an unregistered security, the outcome of the lawsuit is expected to have a substantial impact on the price of XRP and the future of crypto in general.
Ripple’s legal team has argued that XRP’s utility, liquidity, and distribution make it incompatible with securities legislation, and that classifying it as a security would directly undermine its purpose of being.