Goldman Sachs Leads XRP ETF Holdings While Bitcoin Funds Attract $251M
Spot Bitcoin ETFs in the United States maintained momentum in March with collective inflows hitting $1.56 billion for the month, as XRP ETF redemptions slowed and major institutional holders came to light.
Exchange-traded funds tracking spot Bitcoin in the United States experienced heightened investment activity on Tuesday, maintaining momentum even as BTC prices slipped under the $70,000 threshold.
According to data from SoSoValue, spot Bitcoin (BTC) ETFs attracted $251 million in fresh capital, adding to the previous day's $167 million influx.
March has witnessed a sustained positive trajectory for these investment vehicles, with aggregate monthly capital inflows now standing at $1.56 billion, a stark reversal from the $576.6 million in net outflows recorded previously.
The capital influx occurred even though Bitcoin temporarily declined to $69,400 during Tuesday's trading session, based on CoinGecko data. At the moment of publication, the cryptocurrency was changing hands at $69,810, representing a 0.7% decline across the preceding 24-hour period.
XRP selling eases as Goldman Sachs tops ETF holdings
After three consecutive days of capital exodus, certain alternative cryptocurrencies, notably Ether (ETH), reversed course and entered positive territory, registering modest inflows totaling $12.6 million. Meanwhile, Solana (SOL) investment products reported zero inflows.
In contrast, XRP (XRP) investment vehicles experienced approximately $3.9 million in outflows, marking a fourth consecutive session of withdrawals, although the rate of redemptions decreased compared to Monday's more substantial exits.
James Seyffart, an ETF analyst at Bloomberg, observed in an X platform post that XRP ETFs have demonstrated resilience notwithstanding the digital asset's price fluctuations. CoinGecko data indicates XRP declined approximately 5% throughout the past 30 days, with the token trading at $1.38 as of this writing.
"They've taken in a cumulative $1.4 billion since launch," Seyffart said, adding that Goldman Sachs emerged as the largest XRP ETF holder. As of Dec. 31, the investment bank held around $154 million in XRP ETFs, compared with $23 million and $5.3 million held by Millennium Management and Logan Stone Capital.
In a separate X platform communication, Seyffart offered an analysis of four distinct ETF categories, emphasizing that XRP investment products are predominantly fueled by retail investor participation.
A mere 15.9% of XRP ETF assets under management appear in 13F regulatory filings, contrasting sharply with 48.8% for SOL ETFs, which demonstrate greater institutional ownership concentration. Bitcoin and Ether ETFs occupy a middle position, with 24% and 27% of their respective assets revealed in regulatory filings.