Ripple ETF Investors Unfazed by Market Crash as XRP Price Begins Recovery
Unlike investors who use the spot Bitcoin and Ethereum ETFs to gain exposure to the two market leaders, those opting for the XRP funds seemed unfazed by the latest crypto crash.
Data from SoSoValue shows that the past week ended well in the green for the Ripple ETFs, even though the underlying asset’s price went through some of its darkest periods.
XRP ETFs Keep Gaining
Recall that the previous business week ended in the red for the XRP funds because of a single trading day – January 29, when investors pulled out nearly $93 million, making it the worst performance in terms of net flows since the products’ inception. The data on Monday shows a minor outflow of just over $400,000, which was rather negligible given the fact that the entire market crumbled once again during that weekend.
However, XRP ETF investors began putting funds back into the financial vehicles, with $19.46 million on Tuesday, $4.83 million on Wednesday, and $15.16 million on Friday, according to SoSoValue. For some reason, the monitoring resource has not updated the data for Thursday, but other websites and reports still show a minor net inflow.
Additionally, the cumulative net inflows for the spot XRP ETFs have grown from $1.18 billion at the end of the previous business week to $1.22 billion as of February 6, showing a net gain of around $40 million.
The spot ETH ETFs bled out around $170 million, while the BTC counterparties are down by $358 million within the same timeframe.
XRP Price Goes Nuts
The past week or so has been nothing short of a wild rollercoaster ride for the entire crypto market, but Ripple’s cross-border token was at the forefront. Last Saturday, it crashed from $1.75 to $1.50, which was already bad enough given the fact that it traded at $2.40 on January 6.
However, the bears were not done yet as they initiated a few consecutive leg downs, culminating in a massive plunge to $1.11 (on Bitstamp) on Friday morning. This meant that XRP had dumped by over 50% in just a month.
However, then came the big bounce as some metrics suggested so. In a matter of mere hours, the asset skyrocketed by 40% to $1.54, where it was rejected again and now struggles to remain above $1.40. The data above clearly shows that ETF investors are not to blame for these wild swings, at least not in XRP’s case.
XRPUSD Feb 7. Source TradingView
The post Ripple ETF Investors Unfazed by Market Crash as XRP Price Begins Recovery appeared first on CryptoPotato.
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