Bank of America Reveals Significant XRP ETF Holdings
- Bank of America (BofA) disclosed its exposure to XRP via an investment in an XRP exchange-traded fund (ETF).
- BofA has recommended crypto allocations of up to 4% for wealth management clients, focusing initially on spot Bitcoin ETFs.
- On Tuesday, spot XRP ETFs recorded $19.46 million in inflows, with Franklin’s XRPZ and Bitwise XRP ETF leading at $12.13 million and $4.82 million, respectively.
- XRP’s price decreased by 1% to $1.58 within the last day, with a trading volume increase of 24% during that period.
- The total open interest for XRP futures fell over 4% to $2.65 billion in the past day.
This disclosure marks a significant step as mainstream finance increasingly engages with cryptocurrencies like XRP. The strong demand for US-listed spot XRP ETFs reflects growing institutional interest despite some selling pressure in the derivatives market.
With inflows reaching nearly $20 million recently, BofA’s involvement highlights the bank’s commitment to digital assets, even as XRP’s price fluctuates around $1.58.(Source)
