Bitwise Unloads on XRP, Pours $12M into Bitcoin and Ethereum

Bitwise Asset Management has shifted its investment portfolio by pulling out $3.58 million from its XRP ETF, marking the first net outflow since July. The firm's decision to withdraw funds from the XRP ETF was in stark contrast to its Bitcoin and Ethereum ETFs, which attracted fresh capital of nearly $12 million.

The move comes as spot XRP ETFs have seen a decline in investor demand, with a cumulative net inflow of only $1.51 billion since their inception. In contrast, Bitcoin and Ethereum ETFs have recorded significant gains, with the former attracting $244.42 million in net inflows yesterday.

The increase in investment in Bitcoin and Ethereum ETFs is a testament to the growing institutional interest in these assets. BlackRock's iShares Bitcoin Trust led the market with $196.83 million in new investments, bringing its cumulative net inflows to $60.96 billion. The fund has strengthened its lead among Bitcoin ETFs.