• 22 June, 2024

XRP, SOL, and XLM Based Crypto Funds Witness Increase in AUM

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:

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. 

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