Despite SEC Battle, XRP Investment Products Saw Record Inflows in 2022: Report
2022 saw many crypto-assets lose value, prompting investors to pull their money from the market. During turbulent times, inflows plummeted massively.
According to the latest report by CoinShares, the digital asset inflow was recorded at $433 million, the lowest in four years. The last time figures were hovering near the current level was in 2018, when inflows stood at $233 million.
Bitcoin saw the third-worst year for inflows with $287 million after declining by well over 60% this year.
Multi-asset investment products recorded inflows of just $209 million.
The Merge was the biggest highlight in the Ethereum ecosystem. But investor concerns over a successful transition to proof of stake (PoS) translated into outflows of $402 million.
The figure was in a sharp reversal compared to the previous two years when Ethereum saw massive inflows of more than $1.8 billion and $920 million, respectively.
Other altcoins that bore the brunt of the tumultuous year were Binance Coin (BNB) with $24 million and Tron (TRX) with $3 million outflows.
On the other hand, Litecoin (LTC) and Polygon (MATIC) oriented products registered inflows of $2 million and $1 million, respectively.
While the washout of crypto exchange FTX severely affected the Solana network, it wrapped up the year on a positive note with $121 million.
XRP remained unfazed by the twists and turns of the battle between crypto firm Ripple and the US Securities and Exchange Commission (SEC). In fact, XRP-related investment products clocked in $32 million in inflows, the second highest in the last five years.
Meanwhile, short-investment products came to the fore with inflows worth $108 million for the whole of 2022.