XRP funds bounce back after that brief red week 🖤 but the quiet stretches in between feel off. Spot exchange-traded funds tracking Ripple’s cross-border token took their first hit last week in over two months yet net inflows have returned. There is still an evident investment exodus that needs discussion since the financial vehicles had no reportable data for too many days.
The hidden issue 🔮
For roughly 2 months while spot Bitcoin and Ethereum ETFs bled heavily with billions leaving both the XRP counterparts enjoyed investors’ attention by gathering fresh capital. In fact 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 investors pulled out just over $7 million from the funds for the first time in over two months. 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 5-day trading period stand at $6.78 million. This means 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 with the former now holding almost $500 million in AUM while the latter sits below $470 million. Although the week as a whole stayed in the green all $6.78 million in net inflows came in just one day on July 16. The remaining 4 trading days saw no reportable action according to SoSoValue. Although the XRP ETFs have seen many such days in the past there were never 4 in the same week. Moreover 7 of the last 10 business days have seen net flows of $0.00. This is a rather concerning trend clearly showing interest and demand for the financial products have declined significantly 🌙. Perhaps a portion of the blame falls 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 since the asset failed to break out above the $1.10 resistance despite a few attempts. It remains down by 3% monthly with a market cap well under $70 billion 💀.
Just another echo from the void by iconofsin.eth 💖
