Bitcoin ETFs See Historic Inflows as XRP Futures Surge
Spot Bitcoin ETFs recorded a significant influx of funds last week, totaling $987 million in net inflows. BlackRock's IBIT led the way with a weekly net inflow of $692 million, while Grayscale's Bitcoin Trust GBTC saw a net outflow of approximately $47.99 million.
The total net asset value of spot Bitcoin ETFs now stands at $101.25 billion, with a net asset ratio of 6.33%. This marks a notable increase in cumulative historical net inflows, which have reached $55.62 billion.
Meanwhile, XRP futures trading volume has hit a six-month high, according to CryptoQuant data. The surge in activity is attributed to larger traders accumulating positions and the first signs of an institutional push in the US, where US spot XRP ETFs recorded a net inflow of $18.96 million.
A concerning development occurred on the Liquid Network, as roughly 4,000 BTC, valued at approximately $320 million, were drained from Blockstream's Bitcoin sidechain. Preliminary analysis suggests that a software flaw rather than a stolen key is to blame for the incident.