After a brief deviation in which the spot XRP ETFs joined the broader crypto trend with more outflows than inflows, the trend has flipped once again, with the funds flashing green again.
Unfortunately for the SOL fans, the landscape around the altcoin is rather different, as the Solana ETFs just recorded their third consecutive week in the red.
XRP ETFs Back on Track
CryptoPotato reported over the previous weekend that the exchange-traded funds tracking the performance of Ripple’s cross-border token recorded $1.84 million in net outflows during that week. This made it the first red week in three months.
The start of the subsequent business week was not all that impressive, with the funds failing to attract any reportable action on Monday and Tuesday. Investors returned on Wednesday, with a minor net inflow of just under $710,000. This coincided with the underlying asset’s price surge to almost $1.40.
Although XRP’s breakout attempt was halted on Thursday, the inflows actually continued. SoSoValue data shows that investors poured $3.55 million into the ETFs, which made it the best single-day performance since October 8. However, demand disappeared once again on Friday, with $0.00 in reportable flows.
The cumulative total net inflows have remained at all-time high levels of $1.8 billion as the funds approach their first birthday month.
SOL ETFs Still in Red
The ETFs tracking SOL were on a massive roll for three months, starting from the week that ended on July 2 to the one that ended on October 2. After 14 consecutive weeks in the green, though, the outflows started. During the first full week of October, they bled $24.81 million. Another $25.52 million followed a week later, which was actually the highest net withdrawal on record.
The past business week extended this negative streak, with $6.72 million in net outflows on Monday. $2.65 million left the funds on Tuesday, while $585,300 entered on Wednesday — the first green day since October 2. However, the landscape reversed on Thursday, with $8.51 million in net outflows.
Unfortunately, the data provided by SoSoValue and Farside doesn’t cover October 23. As such, our conclusion is based on the data through Thursday, which shows that the weekly outflows stood at $17.30 million. The cumulative total net inflows have dropped from $1.61 billion on October 2 to $1.54 billion on October 22.
Meanwhile, SOL’s price was halted at over $110, and the asset now fights to stay above $100.
The post XRP ETFs Resume Winning Streak While SOL Funds Stay in the Red appeared first on CryptoPotato.
Source: https://cryptopotato.com/xrp-etfs-resume-winning-streak-while-sol-funds-stay-in-the-red/
