XRP Price Surge Triggers Record Institutional Demand for Spot ETFs
XRP's price surge has triggered increased institutional demand for the cryptocurrency, as evidenced by the largest weekly net inflows into XRP spot exchange-traded funds (ETFs) since May. According to data from SosoValue, XRP spot ETFs saw net inflows of $39.78 million last week, with a significant portion of that coming on August 21 when XRP's price jumped over 20% in just 24 hours.
The strong performance was led by Bitwise products, which attracted the largest inflows among XRP-related funds on every trading day that recorded net inflows. The Bitwise XRP spot ETF took in $16.89 million, the largest share of last week's total.
The rebound in XRP spot ETFs coincided with a broader recovery in the cryptocurrency market, with XRP's price increasing by nearly 60% over the same period as other major altcoins. However, it remains to be seen whether this inflow will prove to be only a temporary rebound or if demand will persist in the coming weeks.