Bitcoin ETF Inflows Boost Amidst Ether and XRP Streak Break
The recent streak of inflows in US spot Ether and XRP ETFs has come to an end, according to data from SoSoValue. On Wednesday, spot Ether ETFs saw net outflows totaling $48 million, ending 12 consecutive trading days of inflows. This reversal is significant because it shows that investors are not necessarily retreating from crypto ETFs altogether, but rather rotating their exposure across assets.
The largest Ether products led the withdrawals, with BlackRock's iShares Ethereum Trust (ETHA) down $53.4 million on the day and Fidelity's Ethereum Fund (FETH) losing $26.2 million. However, one staked Ether product recorded substantial inflows, helping to cushion the overall move.
In contrast, Bitcoin ETFs saw a surge in inflows, with Wednesday's activity bringing $101.2 million in net inflows. This marks a notable divergence from the broader cryptocurrency market, which has seen prices slip over the past week. CoinGecko data indicates that Ether was down 3.4%, XRP down 2.4%, and Bitcoin down 1.3%.