Bitcoin ETF Outflows Reach $47M as XRP Funds Gain $1.55M
The crypto ETF market opened the week on a sour note, with Bitcoin ETFs experiencing significant outflows. Grayscale's GBTC led the charge, losing $65.51 million in investor capital. Other major funds, such as Fidelity's FBTC and Invesco's BTCO, also saw redemptions, totaling $46.65 million in net outflows.
Despite some funds attracting fresh capital, including Bitwise's BITB, Blackrock's IBIT, Ark & 21Shares' ARKB, and Morgan Stanley's MSBT, the overall trend was one of caution among investors. The daily trading value reached $2.41 billion, while net assets closed at $99.52 billion.
The weak start to the week for Bitcoin ETFs follows a strong institutional demand last week. However, the correlation between ETF flows and Bitcoin's price remains unclear. Meanwhile, XRP ETFs bucked the trend, attracting $1.55 million in inflows, with all of it going into Franklin's XRPZ.
The TRX ETF market also saw new entrant, Cboe's debut of the US-listed TRXS under the ticker TRXS, which will reinvest staking rewards rather than distribute them as cash.