ETF Flows Reverse as Ether and XRP Demand Dries Up Amid Cryptocurrency Price Decline
The streaks of sustained demand for Ether and XRP exchange-traded funds (ETFs) came to an end on Wednesday, marking a reversal in investor sentiment. Spot Ether ETFs posted $48 million in net outflows, ending 12 consecutive trading days of inflows that brought in $1.62 billion. The BlackRock iShares Ethereum Trust ETF (ETHA) led the way with $53.4 million in outflows, while the Fidelity Ethereum Fund (FETH) and Grayscale Ethereum Staking ETF (ETHE) also saw significant withdrawals.
However, it's worth noting that BlackRock's staked Ether ETF (ETHB) partially offset those losses with around $53 million in net inflows. Spot XRP ETFs also experienced a downturn, posting $7.2 million in net outflows after an 11-session streak of inflows that brought in about $170 million.
In contrast, Bitcoin ETFs rebounded, drawing in $101.2 million on Wednesday after seeing $236.5 million in net outflows the day before. This shift in investor interest coincided with a decline in cryptocurrency prices, with Ether leading losses over the past seven days at 3.4%, followed by XRP at 2.4% and Bitcoin at 1.3%.
At the time of publication, the three crypto assets traded at $2,407 for Ether, $1.36 for XRP, and $77,744 for Bitcoin.