XRP and Litecoin (LTC), two of the market’s oldest and most popular cryptocurrencies, have seen a record-breaking rise in inflows, with investors pouring over $1 million into crypto funds dedicated to these commodities.
According to CoinShares, a major provider of digital asset investment solutions, XRP and LTC saw inflows of $0.4 million and $0.6 million, respectively, for the week ending February 16, 2024.
The inflows to XRP and LTC coincide with a record-breaking fund rise in the cryptocurrency market.
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According to CoinShares, digital asset investment products had record weekly inflows of $2.45 billion, with year-to-date inflows totaling an amazing $5.2 billion. These inflows, together with recent favourable price moves, have increased total assets under management (AuM) to $67 billion, the highest level since December 2021.
Bitcoin garnered more than 99% of the inflows, while other investors used the opportunity to increase their short-Bitcoin bets, which collected $5.8 million. Ethereum has also profited, with $21 million in inflows.
Solana’s recent downtime has had an impact on sentiment, resulting in outflows of $1.6 million. Altcoins Avalanche, Chainlink, and Polygon got $1 million, 0.9 million, and $0.9 million, respectively.
XRP and LTC are now trading at $0.558 and $71.24, with market capitalizations of $30.47 billion and $5.28 billion, respectively. According to CoinMarketCap, XRP and LTC are now the sixth and twentieth biggest cryptocurrencies, respectively.
