XRP Funds Stand Alone With Gains as Bitcoin ETFs Experience $261M Withdrawal
A cumulative total of $151 million has flowed out of Bitcoin ETFs since the start of the week on Monday, following the previous week's substantial $681 million in investor withdrawals.
Exchange-traded funds tracking spot Bitcoin in the United States saw a return to negative net flows for the week during Wednesday's trading session, coinciding with BTC prices dropping beneath the $82,000 threshold.
Approximately $262 million exited Bitcoin ETFs on Wednesday, erasing the previous day's positive momentum of $176 million in inflows, data from SoSoValue indicates. These most recent withdrawals pushed the week's cumulative net outflows to $151 million as of Wednesday's close. During the preceding week, these investment vehicles experienced net outflows totaling $681 million.
These withdrawals occurred as Bitcoin's price continued its downward trajectory after sliding below the $82,000 mark in the wake of Wednesday's inflation data release from the United States. At the time this article was published, Bitcoin was changing hands at approximately $80,741, reflecting a decline of 3.2% during the preceding 24-hour period, based on data from CoinGecko.
Investment products following Ether (ETH), Solana (SOL) and Zcash (ZEC) similarly experienced negative net flows for the week ending Wednesday. Wednesday saw Ether ETFs lose approximately $130 million, pushing the week's total outflows to $190 million. These same funds witnessed net withdrawals of $542 million during the prior week and an additional $138 million the week preceding that.
Wednesday brought $1.3 million in outflows from Solana ETFs, marking the eighth consecutive trading session of withdrawals, accumulating $3 million in redemptions for the current week. While Zcash ETFs drew in $3.7 million on Wednesday, they nonetheless maintained negative territory for the week overall, showing $3.2 million in net outflows.
Standing in contrast to the broader market, XRP ETFs drew in approximately $740,000 during Wednesday's session and maintained their position as the sole category among the five being monitored to register positive net flows throughout the week.