Ripple, Solana, And Stellar-based Products Record Massive Institutional Investments As Market Rebounds
Institutional investments continue to flow into digital asset-related products in recent weeks following market-swinging wins recorded by Ripple (XRP) and other macroeconomic factors.
According to new data from crypto analytics firms CCData, XRP, Solana (SOL), and Stellar (XLM) saw major inflows in most products alongside the market leader, Bitcoin (BTC).
XLM-based products spiked by 62.7% this month with a total of $17.3 million in assets under management (AUM).
Grayscale’s Stellar Lumen Trust XLM product ranks as the biggest gainer after it recorded a premium of over 330%.
XRP, which has recorded a huge spike after its partial win over the SEC, saw its asset-based products grow by 33.2% while Solana soared by 55.7%. Both products' assets under management grew to $65.7 million and $87.8 million respectively.
The recent boost in institutional investment comes on the back of Ripple's victory over the SEC concerning the sale of assets to the public.
Although sales to certain investors were held in violation, many traders took the win as a step in the right direction against the regulator’s onslaught.
XRP traded above 62% after the ruling alongside altcoins dragging the market to the green zone. SOL is currently up by 6% in the last seven days while XLM has surged 13.4% in the same period.
Notably, the price of XLM trades in correlation to XRP with its price soaring over 60% after the court ruling against the SEC.
At press time, XRP, SOL, and XLM trades at $0.71, $25.34, and $0.16 respectively as bullish activity cools in the market.
The report highlighted a mixed sentiment across multiple investments due to several factors. At the start of the month, the SEC deemed some BTC spot ETC applications insufficient, raising doubts
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