XRP keeps attracting funds amid crypto market collapse, Cardano too
CoinShares reports in its latest Digital Asset Fund Flows Weekly Report that XRP and Cardano (ADA) are the few cryptocurrencies that ended the week with positive flows. This is the second such week in a row for both assets.
Positive flows in XRP and Cardano are extremely small but nevertheless can slightly brighten the overall picture, which was especially heavily spoiled by Bitcoin. The main cryptocurrency of the market saw an outflow of $28.7 million during the week, and Ethereum almost lost $1 million. At the same time, XRP and Cardano each gained $100,000 in inflows, and Solana joined them with a $200,000 surplus.
Yes, inflows into XRP and ADA are down three and five times what they were the week before, but it is certainly a positive sign for both assets in such a tough market.
Crypto market experiences apathy
The crypto research portal reports that last week marked the third consecutive weekly outflow of funds from the crypto market. The latest outflow of $27 million brings the total outflow since the beginning of the month to the $46 million mark.
Volumes on the market are now at their lowest since October 2020. If you were to describe the current situation in one word, it would be “apathy,” as CoinShares accurately cites in its report.
The most “apathetic” countries with regard to cryptocurrencies are the United States, which is not surprising given the size of the market in the country, as well as Sweden and Germany.