Bitcoin and Ethereum ETFs Stage Comeback as XRP and Hype Funds Falter
Bitcoin and Ethereum funds have seen significant inflows in July, marking their first positive month since April. According to recent data, investors added $233.96 million to U.S. spot Bitcoin ETFs and $337.74 million to Ethereum funds, compared to just $12.43 million for XRP funds.
The recovery of both Bitcoin and Ethereum funds is attributed to the fact that they have only recovered about 5% of what they lost in June alone. Bitcoin funds took in $6.02 billion in July last year, roughly 26 times what they have managed this time. Meanwhile, Ethereum funds have clawed back nearly two-thirds of their June losses.
Ethereum's growth can be attributed to the launch of Robinhood's blockchain on July 1, which runs on Ethereum and processes more than $800 million a day in memecoin trading. This increased activity has led to an 11% rise in Ether's price in the week ending July 16.
However, XRP and HYPE funds have seen significant outflows this month, with XRP funds taking in just $12.43 million and HYPE funds posting their first negative month, giving up $418,540 so far in July.