US XRP ETFs Surge Past $1 Billion as Shiba Inu Token Burns Reach Record Levels
The US XRP ETF market saw significant movement on July 26 as Franklin Templeton's clients directed funds into the financial giant's XRPZ exchange-traded product, ending a three-day zero streak for inflows. The $592,470 capital inflow pushed total net assets held by U.S. XRP ETFs past $1 billion, with XRP holding near $1.09.
The renewed investor activity was linked to the news surrounding the CLARITY Act, which aims to bring regulatory clarity to the US digital asset industry. Franklin Templeton's support for the bill appears to have acted as a green light for conservative investors, who are betting on an imminent resolution of the regulatory deadlock.
Meanwhile, Shiba Inu (SHIB) saw a record-breaking week in terms of token burns, with 2.8 billion tokens destroyed in just seven days, a 9,241% increase from the previous week's burn rate. However, this did not help SHIB's price chart, which fell 6.55% to $0.00000465.
Elon Musk's X Money payment system launched in the US without incorporating Dogecoin or Bitcoin, opting instead for traditional fiat payment rails from Visa and Cross River Bank. The service offers a 6% annual yield on account balances and up to $10 million in FDIC insurance through a cash sweep system.
Bitcoin's local support at $63,800 weakened as traders reduced risk ahead of the July 29 FOMC meeting, pricing in a 34-40% probability of an unexpected Federal Reserve rate hike. Major players are shifting their focus toward preserving balance-sheet stability and selectively rotating capital into regulated altcoin funds.