CandleFocus XRP Dwarfs Cardano, Ethereum by Weekly Institutional Inflows
2024-09-23
Author: Content Editor
Institutional investors increased their investment in XRP while withdrawing funds from ADA and Ethereum, according to a CoinShares report. XRP saw $0.1 million added, while ADA faced a $0.2 million outflow and Ethereum lost $28.5 million. Bitcoin saw the highest inflows at $284 million, surpassing inflows for the month. The report also revealed that the spot Bitcoin ETFs of Fidelity and Ark Invest had the highest inflows. Bitcoin briefly reached the $64,360 level, fueled by the Federal Reserve's decision to cut interest rates by 50 basis points. Ethereum also gained momentum, increasing by almost 17%. Overall, the crypto market responded positively to the rate cut.
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