XRP ETF Hype Nears $1 Billion Milestone As Investors Pull Money Out of Bitcoin ETFs

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Kritika boasts over 4 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

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XRP ETF Hype Nears $1 Billion Milestone As Investors Pull Money Out of Bitcoin ETFs

Highlights

Spot XRP ETFs have registered notable inflows in June.
Now, the total assets under management in XRP funds is approaching the $1 billion mark.
Meanwhile, Bitcoin ETFs recorded humungous exodus with around $7 billion outflows since May.

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Money seems to be rotating out of Bitcoin ETFs towards XRP ETFs. While spot BTC ETFs saw nearly $7 billion in outflows since early May, XRP funds are closing in on the $1 billion AUM milestone.

XRP ETF Inflows Surge With Bitwise Seizing The Limelight

According to SoSoValue data, the total net assets of the XRP ETFs rose to $993.29 million as of June 22. On Monday, the XRP ETF market saw $5.31 million in net inflows, bringing the total influx to a whopping $1.45 billion. The total volume on that day was $15.05 million.

Also, the market is expecting BlackRock to file for a spot XRP ETF as these investment products depict continued success since debut.

New data on flows reveals that XRP ETFs have continued to attract investor funds during most of June. The products recorded inflows of $7.44 million on June 9, $1.19 million on June 10, and $2.04 million on June 12.

Thereafter, XRP ETFs registered inflows of $2.82 million on June 15, $5.30 million on June 16, $2.55 million on June 18, and $5.31 million on June 22. It is a huge feat considering that recent US-Iran conflict tensions had weighed on the markets before a “positive” progress towards a peace deal was cracked.

The only significant outflows that occurred during the period were on June 3 when XRP ETFs logged a net outflow of $5.34 million. Meanwhile, flows remained stagnant on June 2, June 8, June 11, and June 17.

Furthermore, Bitwise’s XRP ETF continued to top the list of inflows to date. The fund was the only contributor for Monday’s $5.31 million inflow. In addition, it has drawn $481.57 million in cumulative net inflows as of June 22. Whilst, it holds net assets worth $305.40 million.

Bitcoin ETFs Bear The Brunt

In the meantime, the U.S. spot Bitcoin ETFs remained under heavy downside pressure. On June 22, the Bitcoin ETFs saw a $68.18 million net outflow, representing the third day in a row of outflows.

The largest Bitcoin ETF outflow in recent memory took place on June 2 when investors pulled out $519.19 million amid the Middle East disruption. This suggests that investors are pulling money out of BTC ETFs and could be directing a part of it toward XRP ETFs and other investment products.

Further, spot Bitcoin ETFs saw withdrawals totaling $483.76 million on June 1, $396.60 million on June 3 and $325.69 million on June 5.

The cumulative net outflows from U.S. spot Bitcoin ETFs since May have surged to $6.92 billion. Thus, net inflows since inception dropped to $53.33 billion as of June 22.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.