The week began well for the spot exchange-traded funds that track Ripple’s cross-border coin, reaching a new all-time high in terms of total net inflows. However, in the days that followed, a well-known and rather concerning situation recurred. Simultaneously, the HYPE ETFs have ended their streak and found themselves significantly in the red for a second consecutive week. Data indicates that the spot XRP ETFs garnered $2.49 million on Monday and $5.66 million on Tuesday. That is the positive development. However, the contrasting aspect was what transpired during the subsequent three business days of the week. Moreover, this phenomenon has not only recurred but has also intensified in recent weeks.
The same data aggregator indicates that there were no reportable net flows during those three days, with $0.00 recorded for each day. Last week exhibited a comparable trend, with only a single day showing positive performance, while the remaining four days registered at $0.00. If we examine the data, it is evident that 10 out of the last 15 trading days have recorded zero net flows. Thus, even though the XRP ETFs ended two consecutive weeks in the green, a more in-depth look into the numbers reveals a clear indication that investors’ interest has diminished recently. Prior to the last fortnight, the funds experienced a significant nine-week run during which they garnered in excess of $150 million.
Nevertheless, the overall data indicates that the cumulative total net inflow has increased to nearly $1.5 billion, as reported, marking an all-time high. Meanwhile, the underlying asset experienced a surge at the beginning of the week, potentially attributable to the increasing ETF net flows, rising from below $1.09 to a multi-day peak of $1.16. However, it was halted there and has returned to below $1.10 as of the time of reporting. The spot HYPE ETFs swiftly became a preferred choice among investors, paralleling the XRP funds, particularly during a week when they garnered over $110 million, establishing a record of their own.
However, investors have withdrawn their support for those funds in the past two weeks, as net outflows prevail. In the preceding five-day trading interval, there was a withdrawal exceeding $8.6 million, subsequent to another decline characterised by net outflows amounting to $7.26 million. Consequently, the cumulative total net inflows have decreased from a peak of $308.60 million to $292.73 million as of Friday’s close.