Bitwise bought $19.17 million worth of XRP in a single day, its largest such purchase in a while. The purchase helped push combined XRP ETF inflows past $20 million, the best day for the funds since September began, while XRP's price jumped more than 8%.
Bitwise has made its largest XRP purchase in a while, scooping up $19.17 million worth of the asset in a single day. The move came as institutional interest in Bitwise's XRP-based investment product surged, according to onchain data cited by the outlet.
XRP ETFs post their best day since September began
The purchase helped drive XRP ETFs to their best performing day since September began, with a combined total of more than $20 million flowing into the market in a single session. It also marked the first net inflow of the week for the broad ETF market, and Bitwise accounted for most of the fresh capital.
Franklin also recorded an inflow the same day, but it was far smaller. The fund pulled in about $862,000, while other XRP ETFs stayed silent. That left Bitwise responsible for nearly all the inflows recorded, suggesting investors are leaning toward Bitwise over its peers for XRP exposure.
Bitwise's net assets reach $615 million
The fresh inflows fortify Bitwise's position as a leader in the XRP ETF market. The fund now holds $615 million in net assets.
This surge in institutional demand has come alongside a sharp move in XRP's price. The asset rose more than 8% the same day. It then broke through resistance at $1.65. That leaves XRP positioned on what the source describes as the path toward the long-expected $2 mark, having cleared that resistance point.
Source: U.Today
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