XRP and SOL ETF Demand Craters Amid Market Correction
The spot XRP and SOL ETFs experienced a significant decline in demand last week, with a 94% drop in weekly net inflows for the former. The XRP ETFs had maintained a positive net flow streak, but the actual numbers were concerning. The funds tracking the performance of Solana's SOL saw an even more profound drop, going from over $188 million to under $2.5 million. The spot XRP ETFs had a brief surge in demand at the beginning of the week, with investors pouring in almost $4 million, but demand evaporated for two straight days. The funds ended the week with $4.74 million in net inflows, extending their streak of consecutive green weeks to 12. However, a closer look at the numbers shows that the funds experienced a 94% decline in weekly net inflows, from $75.59 million to $4.74 million.
The underlying asset, XRP, was rejected twice in the past week at $1.55 and dipped to $1.45 on Friday. It has since recovered some ground and is currently fighting for the $1.50 level. The SOL ETFs had their second-best week in terms of net inflows last week, with $188.22 million entering the funds, but their five-day performance slumped by over 97% to $2.43 million.