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Bitcoin and the cryptocurrency market experienced a major surge in August. While BTC climbed above $80,000 for the first time in months, $XRP was one of the altcoins that saw significant gains.
According to the data, $XRP gained approximately 40% in value between August 17 and 31, rising from $0.99 to $1.38. However, total open interest in $XRP futures decreased by 16% during the same period, falling from 2.77 billion $XRP to approximately 2.34 billion $XRP.
However, while open positions in the general market decreased, $XRP futures on the Chicago Mercantile Exchange (CME) moved in the opposite direction and experienced an increase. Data shows that open positions on the CME increased from 284 million $XRP to 387 million $XRP, an increase of approximately 36%.
According to market analyst Omkar Godbole, the fact that CME is a regulated market used primarily by professional investors and asset managers makes this increase a signal of strengthening institutional interest.
This shift in futures trading occurs ahead of the US Clarity Act vote, which regulates the structure of the cryptocurrency market and is of close interest to $XRP and other cryptocurrencies, with the market closely watching the Senate’s procedural vote on the Clarity Act.
Wall Street’s Interest in $XRP is Growing!
While volatility continued in $XRP futures, US spot $XRP ETFs continued to attract steady inflows.
At this point, Bloomberg ETF analyst James Seyffart announced in a post on August 31 that total net inflows into US spot $XRP ETFs had reached $1.8 billion.
Seyffart highlighted that it is noteworthy that ETF flows have remained mostly positive since launch, despite fluctuations in the $XRP price.
Who are the Largest Institutional $XRP ETF Holders?
Seyffart, who reviewed the second-quarter 13F reports, noted that according to the data, Goldman Sachs, Jane Street, and Millennium Management were among the most prominent institutional investors in spot $XRP ETFs.
According to the chart shared by Seyffart, the top three are Goldman Sachs, Jane Street, and Millennium Management. Goldman Sachs leads the chart with a spot $XRP ETF position of $87.4 million, representing an increase of $83.1 million compared to the previous quarter.
Jane Street Group came in second with $16.6 million, followed by Millennium Management with $16.2 million, Intesa Sanpaolo with $14.4 million, and Marex UK Holdings with $8.1 million.
Advisors Stand Out in $XRP ETFs!
In terms of investor groups, advisors stand out. According to Seyffart’s report, advisors were among the largest holders of spot $XRP ETFs in the second quarter and constituted the most active investor group in allocating capital to these products.
In conclusion this picture shows that $XRP ETFs are not only attracting the interest of individual investors, but also that traditional financial institutions are increasingly involved in the product
*This is not investment advice.
Source: cryptonews.net