Although the spot XRP ETFs have maintained their positive net flow streak, the actual numbers are quite concerning as the weekly decline is roughly 94%.
The funds tracking the performance of Solana’s SOL experienced an even more profound drop in the numbers, going down from over $188 million to under $2.5 million.
94% Decline in XRP ETF Inflows
The business week began on a higher note for the Ripple ETFs, with investors pouring in almost $4 million. However, a familiar sight returned on Tuesday and Wednesday, as SoSoValue shows $0.00 for both days. In other words, the demand simply evaporated for two straight days. This was common during the sluggish summer months, but it hasn’t been the case for the past several weeks.
Investors allocated another $4.07 million on October 1, thus ending the two-day dry spell. However, the tide turned on Friday, with $3.28 million in net outflows. This became the first red day for the XRP ETFs since September 18. Consequently, the week ended with $4.74 million in net inflows.
On the positive side, this means that the financial vehicles extended their streak of consecutive green weeks to 12. However, a deeper look into the actual numbers shows that the funds experienced a 94% decline in weekly net inflows, as they attracted $75.59 million during the previous five-day trading period that ended on September 25.
Meanwhile, the underlying asset was rejected twice in the past week at $1.55 and even dipped to $1.45 on Friday during the market-wide correction. It has recovered some ground since then and currently fights for the $1.50 level.
SOL ETFs in a Worse State
The spot Solana ETFs had their second-best week in terms of net inflows last week, with $188.22 million entering the funds. However, their five-day performance slumped by over 97% to $2.43 million. This was somewhat surprising given how the week started, as the financial products gained $12.70 million on Monday and another $5.44 million on Tuesday.
However, investors reversed their stance on Wednesday with $11.10 million in net inflows and $5.91 million on Thursday. Friday was slightly in the green ($1.30 million), which helped save the weekly inflow streak.
SOL’s price jumped above $123 in the middle of the week, but the Friday crash pushed it to under $118. The subsequent recovery has helped it reclaim the $129 level as of press time.
The post XRP and SOL ETF Demand Craters as Weekly Inflows Drop 94%+ appeared first on CryptoPotato.
Source: https://cryptopotato.com/xrp-and-sol-etf-demand-craters-as-weekly-inflows-drop-94/
