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The Crypto ETF Battle: How Ripple (XRP) Won September’s First Fight
The spot <a href="https://xpertsstudio.com/how-bitcoin-etfs-are-changing-institutions-appetite-for-crypto/" title="How Bitcoin ETFs Are Changing Institutions' Appetite for Crypto”>Bitcoin ETFs were actually deep in the red, losing more than $230 million.
ByJordan Lyanchev
The August 19 monetary pivot from the US Treasury Department led to some major changes in the cryptocurrency markets, including how investors view and operate with the spot ETFs tracking BTC and the largest altcoins.
However, another investor shift came on Friday after the hawkish speech by Fed Chair Kevin Warsh. Some crypto ETFs have fallen out of grace, but others remain strong. Interestingly, the winner on Tuesday was neither of the two largest cryptocurrencies.
Who Won The Monday Battle?
Before we get to who stood out as the clear victor in terms of net inflows, let’s ensure that we know who didn’t. The first funds to go live on Wall Street, those tracking the performance of the market leader, were the only ones in the red on Monday. Investors pulled out $236.46 million, according to data from SoSoValue. As such, the Monday inflows of $216.70 million were dwarfed, and the week has turned red, even though there are three more business days left.
The ETFs tracking SOL, ETH, and XRP were all in the green. The Solana ETFs attracted $10.19 million, which was significantly higher than the Monday inflows of just $925,000.
The spot Ethereum funds fared slightly better, gaining $10.95 million on Tuesday. However, their Monday numbers were a lot more impressive, standing at $87.68 million. The ETH-tracking financial vehicles have been on a green-only streak for weeks, with no red days since August 11.
As the title of this article suggests, the winner on Tuesday was XRP. The exchange-traded funds tracking the cross-border token gained $14.38 million, which was nearly 3x higher than Monday’s $5.64 million. The funds have been on an even more impressive streak, as their last red day was August 5. Moreover, they have seen just two days with more outflows than inflows since July 2.
Naturally, the vast XRP Army was quick to celebrate the September 1 win.
Source: cryptopotato.com