- XRP-based funds witnessed an increase of 33.2% in assets under management (AUM) in July 2023.
- SOL and XLM-based investment products also registered an increase of 55.7% and 62.7% in AUM respectively.
- The summary judgment motion in SEC v Ripple was identified as a contributing factor to the AUM increase.
Ripple (XRP), Solana (SOL) and Stellar (XLM) based investment products witnessed a significant increase in assets under management (AUM) over the past month. Crypto research firm CCData reported recently that the AUM for XRP-based funds increased by 33.2%, while SOL and XLM-based funds saw a 55.7% and 62.7% increase in AUM respectively.
CCData took to Twitter recently to share the findings of its July Digital Asset Management Review:
/1 📣 Our July Digital Asset Management Review is now live!
— CCData (@CCData_io) July 26, 2023
In July:
🔹The US led in digital asset AUM, with $26.3B AUM and 78.0% market share.
🔹#ProShares #BITO hit $179M avg daily volumes, up 2.96% from June.
🔹#XBTProvider by #CoinShares saw AUM surge 50.3% to $1.84B.
As per CCData’s report, institutional investors looking for regulated exposure to digital assets turned to the crypto investment products available in the market. This included the various exchange-traded funds (ETFs) and exchange-traded notes (ETNs). The United States was the leading country in the digital asset sector by AUM, with its monthly AUM coming in at a whopping $26.3 billion.
The United States crypto investment products space accounted for 78% of the global market. Grayscale Investments, the digital asset giant behind the world’s largest Bitcoin fund (GBTC), made up 74% of the US share of this market. Europe took the second spot in terms of assets under management.
According to data gathered by CCData, XRP-based investment products witnessed growth in AUM following the summary judgment motion in the Securities and Exchange Commission’s (SEC) lawsuit against Ripple. The partial victory for Ripple led to a rally in the price of XRP and other altcoins, including SOL and XLM.
The verdict in the SEC v Ripple lawsuit also benefited SOL-based investment products, which registered an increase of 55.7%, taking the AUM to $87.8 million. After the Grayscale Investments Stellar Lumens Trust recorded a premium of more than 330% earlier this month, XLM-based products increased to $17.3 million, markings growth of 62.7%.
The SEC’s decision to take multiple spot Bitcoin ETF applications under review had a positive impact on mainstream BTC investment products. The average daily aggregate volumes of digital asset investment products witnessed a 1.81% increase, reaching a total of $309 million.
