It feels like it was just a few weeks ago, because it was when our article on this topic had a whole different nuance to it. We were highlighting the major green streaks for the ETFs tracking both XRP and SOL, as they had reached local peaks in terms of net inflows.
The reality today is quite different. On one side, the spot Ripple ETFs marked their first red week in months, while the Solana counterparts extended their outflow streak to ten consecutive days.
XRP ETFs Break the Streak
It was an all-out red week for the spot crypto ETFs, with the BTC and ETF funds bleeding by triple digits, as reported earlier. The financial vehicles tracking Ripple’s cross-border token began the business week with the same nonexistent pace as they finished the previous one – with $0.00 reportable net flows.
The first notable activity took place on Wednesday, which was somewhat surprising given the hotter-than-expected inflation data released that day, and the funds attracted just over $740,000. Investors changed their tune on Thursday, pulling $104,510 out. The first and only multi-million transaction took place on Friday, with the net flows jumping to $2.47 million.
Consequently, the five-day trading period ended in the red for the XRP ETFs, with $1.84 million in withdrawals. This made it the first red week since the one that ended on July 10. In other words, investors broke a 13-week green streak. The change in their appetite for XRP is more than evident, as just three weeks ago we were reporting major net inflows of over $75 million.
The past week was quite painful for the underlying asset as well, which was rejected at $1.40 and plummeted to $1.27, where it found some support over the weekend.
SOL ETFs Keep Bleeding
The Solana ETFs are in even worse shape, as they just closed their worst week ever in net outflows, with $25.52 million leaving the funds. As such, they beat the previous week’s anti-record of $24.81 million. What’s particularly worrisome is that the SOL ETFs have seen only one green day since September 29, and the inflows were quite modest at $1.30 million on October 2.
Meanwhile, the ETFs bled over $12.6 million on Friday alone, and the total net inflows have declined from $1.62 billion to $1.56 billion within two weeks.
These outflows have led to an apparent pullback in the underlying asset, which was rejected at $110 this week and dipped to $101-$102 on a couple of occasions. Although it has remained within three-digit territory, the overall landscape has worsened substantially over the past few weeks, and a dip below $100 might be just a matter of time.
The post Spot Ripple (XRP) ETFs Reach the End of an Era, Solana (SOL) Funds Can’t Catch a Break appeared first on CryptoPotato.
