Crypto
XRP ETF Inflows Defy Market Trend Amid Rate Hike
XRP ETFs bucked the trend on September 16 as they attracted $3.5 million in net inflows, while Bitcoin and Ethereum ETFs suffered combined outflows of about $520 million.
The Federal Reserve's latest rate hike to 3.75%-4% may have contributed to the heavy selling from investors in Bitcoin and Ethereum funds, with U.S. spot Bitcoin ETFs recording $295.98 million in net outflows on September 16.
Fresh money poured into XRP ETFs, taking total inflows to around $1.72 billion and assets under management near $1.4 billion. However, the price of XRP stayed near $1.30 and failed to make a strong move higher.