Ripple’s XRP ETFs Outshine Market Leaders, Maintain Strong Inflows
In a notable shift in investor behavior towards crypto-based exchange-traded funds, Ripple’s cross-border token, XRP, is emerging as a clear frontrunner, surpassing even the market’s dominant players, Bitcoin (BTC) and Ethereum (ETH).
Financial vehicles tracking XRP’s performance have continued to defy broader market weakness, posting another week of positive returns. While HYPE ETFs also experienced a positive week, their inflows saw a significant decrease compared to the previous period.
Following a robust end to the prior business week, during which investors injected $15.63 million into spot XRP ETFs on Friday, anticipation for a strong start to the current week was high. Data from SoSoValue confirmed these expectations, with $15.34 million flowing into the ETFs on Monday.
However, the trend shifted on Tuesday and Wednesday, with net withdrawals dominating. Investors pulled $2.83 million and $1.86 million, respectively, on these days. This marked a rare dip into negative territory for the funds, which have largely avoided red days recently, a stark contrast to the general trend among other ETFs. The last instance of net outflows occurred on June 3.
Furthermore, the occurrence of two consecutive days of net withdrawals is uncommon, with the last such period happening nearly three months ago, in early March. In a reversal of fortunes, the funds rebounded, recording $6.55 million in net inflows on Thursday, the final trading day of the week due to the July 4 holiday.
Consequently, the week concluded with substantial net inflows of $17.19 million, extending a remarkable streak of positive weeks. The last time XRP ETFs experienced a net outflow for an entire week was in late April or early May.
This positive momentum in the ETF market appears to be influencing the underlying asset, with XRP’s price rising by over 8% in the past week, now trading near $0.15.
HYPE ETFs also saw significant activity during the last full business week of June, attracting a record-breaking net inflow of $111.36 million. Although the subsequent four-day business week also registered positive inflows, the amount was considerably more modest, totaling $4.32 million.
Despite a net outflow of $3.01 million on Tuesday, the cumulative total net inflows for HYPE ETFs remain at an all-time high, approaching $300 million.
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