The spot exchange-traded funds tracking Ripple’s cross-border token started the week strong, hitting a fresh all-time high in terms of total net inflows, but a familiar and slightly worrisome scenario repeated in the following days.
At the same time, the HYPE ETFs have broken their streak and were deep in the red for a second consecutive week.
XRP ETFs: The Good and the Worrisome
Data from SoSoValue shows that the spot XRP ETFs attracted $2.49 million on Monday and $5.66 million on Tuesday. That’s the good news. However, the other side of the coin was what happened during the remaining three business days of the week. And, it was something that has repeated and even accelerated in recent weeks.
The same data aggregator shows that there were no reportable net flows during those three days, with $0.00 pointing at each. Something similar was observed last week, when only one day was in the green, while the other four were at $0.00. If we look back, we can see that 10 out of the last 15 trading days have seen zero net flows.
Thus, even though the XRP ETFs ended two consecutive weeks in the green, a more in-depth look into the numbers shows a clear sign that investors’ interest has dwindled lately. Before these two weeks, the funds were on a massive nine-week streak in which they attracted over $150 million.
Nevertheless, the overall data shows that the cumulative total net inflow has risen to almost $1.5 billion, according to SoSoValue, which is an all-time high.
Meanwhile, the underlying asset pumped at the beginning of the week, perhaps due to the growing ETF net flows, went from under $1.09 to a multi-day peak of $1.16. However, it was halted there and has returned to below $1.10 as of press time.
HYPE ETFs Break Form
The spot HYPE ETFs quickly joined the XRP funds as a fan favorite, especially during one week in which they attracted over $110 million to set a record of their own. However, investors have turned their back on those funds in the past two weeks, as net outflows dominate.
During the past five-day trading period, they pulled out over $8.6 million, following another red one in which the net outflows stood at $7.26 million. Thus, the cumulative total net inflows have dropped from an all-time high of $308.60 million to $292.73 million as of Friday’s close.
The post Ripple (XRP) ETF Inflows Set Another Record, but One Problem Remains appeared first on CryptoPotato.
Source: https://cryptopotato.com/ripple-xrp-etf-inflows-set-another-record-but-one-problem-remains/
