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Stellar, Ripple and Solana-Based Investment Funds See AUM Spike in July
The large gains began following Ripple’s partial court victory over the SEC in the middle of the month.
Assets under management (AUM) for investment funds linked to Stellar’s XLM, Ripple’s XRP and Solana’s SOL surged higher in July, according to a report from CCData.
Most of the AUM boost came on July 14, one day after a U.S. judge ruled the sale of XRP tokens on exchanges did not constitute investment contracts.
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The decision led to sharp price gains across the crypto sector, particularly for XRP itself as well as other altcoins, XLM and SOL among them.
AUM for XLM-based products increased by 62.7% to $17.3 million. Among those funds is Grayscale's Stellar Lumens Trust (XLM), whose premium to net asset value surged to 330%, said CCData.
XRP-based products recorded a 33.2% increase in AUM in July to $65.7 million, and SOL-based products saw a 55.7% increase in AUM to $87.8 million, said the report.
“Sentiment surrounding XLM has been positive over the past month, bolstered by the advancement of its partnership with USDC's Circle and strategic collaborations with entities such as MoneyGram,” said Hosam Mahmoud, research analyst at CCData, in a note to CoinDesk.
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Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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