The spot exchange-traded funds tracking the performance of Ripple’s cross-border token took their first hit last week in over two months, but net inflows have returned.
However, there’s still an evident investment exodus that we need to discuss, as the financial vehicles had no reportable data for too many days.
$XRP ETFs Are Back
For roughly two months, during which the spot Bitcoin and Ethereum ETFs bled heavily, with billions of dollars leaving both, the $XRP counterparts enjoyed investors’ attention by gathering fresh capital. In fact, as we repeatedly reported, they set a 9-week green-only streak, in which they attracted almost $200 million.
This all changed during the second week of July when data from SoSoValue showed that investors pulled out just over $7 million from the funds for the first time in over two months.
However, green is back on $XRP’s street as the past week almost offset all the losses from the previous one. The net inflows for the five-day trading period stand at $6.78 million. This means that the cumulative total net inflow is back to its ATH levels of almost $1.5 billion.
Bitwise’s $XRP ETF continues to increase the gap between itself and the first such fund to reach Wall Street – Canary Capital’s XRPC. The former now holds almost $500 million in AUM, while the latter is below $470 million.
The Big Catch
Although the week as a whole was indeed in the green, all $6.78 million in net inflows came in just one day: July 16. The rest (four) trading days saw no reportable action, according to SoSoValue. Although the $XRP ETFs have seen many such days in the past, there were never four in the same week.
You may also like:
- Binance $XRP Reserves at Lowest Since February as Ripple Price Defends Key Support
- $XRP and ETH Traders Turn Bullish as FOMO Surges to 5-Week High: Santiment
- 3 Years After The Key Ripple-SEC Ruling: How $XRP Went From SEC Target to Institutional Asset
Moreover, seven of the last 10 business days have seen net flows of $0.00. This is a rather concerning trend, clearly showing that interest and demand for the financial products have declined significantly.
Perhaps a portion of the blame can be put on the overall sluggish summer season, in which trading volumes traditionally drop, as investors wait for better times. $XRP’s sluggish price performance might also turn investors away, as the asset has failed to break out above the $1.10 resistance despite a few attempts. It remains down by 3% monthly, with a market cap of well under $70 billion.
