In contrast to the inflows observed in BTC and ETH ETFs, Friday marked a notably strong performance for the XRP ETFs. The winds have shifted in the cryptocurrency markets, and this is especially apparent in the exchange-traded funds that track various assets, including Ripple’s native token. Despite predominantly positive performance, the spot XRP ETFs faced prolonged challenges with minimal actual demand, particularly during the month of August. However, this improved significantly last week.
Monday commenced with a similarly lacklustre performance for the funds, as SoSoValue indicates $0.00 in actual flows. This prolonged period of inactivity has persisted since the beginning of the month, during which seven out of the 11 trading days experienced no transactions. However, investors re-entered the market on August 18, allocating $5.81 million into the funds. This represented the largest daily net inflow recorded for the month. Interestingly, the ETFs experienced an increase of $2.35 million on Wednesday, a pivotal day in the crypto markets. As reported extensively, the US Treasury Department announced a significant monetary pivot, while Trump hosted a Crypto Summit at the White House, which were regarded as the primary catalysts for the price revival.
Perhaps that explains why XRP arrived somewhat later than its counterparts, but further elaboration will follow in the subsequent paragraph. The inflows accelerated on Thursday, reaching $13.24 million, and continued to gain momentum on Friday, totalling $18.38 million, marking the most substantial day since May 14. Overall, the ETFs experienced an increase of $39.78 million last week, marking the highest gain since the week that concluded on May 15. The cumulative total net inflows reached a record high of $1.55 billion, with Bitwise’s XRP fund solidifying its position as the largest in the category.
It holds $542.69 million in cumulative net inflows, followed by Canary Capital’s XRPC at $468.12 million and Franklin’s XRPZ at $434.16 million. Although XRP did not experience the same explosive growth as BTC and numerous other altcoins on Wednesday, once it began to rise, it significantly outperformed expectations. After successfully defending the $1.00 support, the asset experienced a significant surge that propelled it to $1.70 by Saturday morning. This indicated that it had surged by 70% in under 72 hours.
