Summary
- Institutional net inflows into virtual asset funds reached $2.48 billion, with Ethereum leading buying at $1.4 billion.
- Bitcoin, Solana, XRP, etc. also saw institutional inflows, but recent weakness has continued.
- Analysts expect XRP could reach $3.70 if it breaks $2.90, and Solana could reach $250 if it surpasses $213.
The virtual asset (cryptocurrency) market appears to have continued to see institutional buying even amid some adjustments.
On the 2nd (Korean time), crypto-focused media CoinRepublic analyzed a CoinShares report and reported that last week net inflows into virtual asset funds approached $2.48 billion (about 3.4 trillion won). As a result, cumulative inflows into virtual asset funds for August reached $4.37 billion.
First, Ethereum (ETH) led institutional buying with net inflows of $1.4 billion, as institutions such as Bitmain and Shaplink Gaming recently executed large purchases.
Following were Bitcoin ($748 million), Solana ($177 million), and XRP ($134 million).
Despite institutional buying, weakness in these virtual assets appears to persist. As of 9:00 a.m. that day, XRP and Solana were trading at $2.76 and $197.29, down 0.11% and 1.59% from the previous day, respectively.
However, analysts still say there is upside potential.
Crypto analyst Ali Martinez said, "If XRP holds $2.70 and breaks through $2.90, it could rise to $3.70."
Another crypto analyst, Crypto Tony, predicted, "If Solana breaks through $213, it could further rise to as much as $250."
![[Today's Key Economic & Crypto Calendar] Richmond Fed Manufacturing Index, and More](https://media.bloomingbit.io/static/news/brief_en.webp?w=250)
![[Market] Bitcoin regains the $88,000 level…major altcoins also rise in tandem](https://media.bloomingbit.io/PROD/news/ff9fc4f4-b4e3-47bd-9817-eecc30e02710.webp?w=250)
![[New York Stock Market Briefing] Rises across the board on big-tech earnings optimism despite shutdown jitters](https://media.bloomingbit.io/PROD/news/d3d17861-e6f9-4833-bde1-ffbf699704d0.webp?w=250)
