PiCK
U.S. XRP ETF sees first net outflow just two months after launch… token price also plunges 7%
Summary
- U.S. spot XRP ETFs saw a net outflow of $40.80 million, ending a 36-day streak of net inflows.
- Rachel Lucas said the fact that this is the first net outflow is meaningful, but the amount is less than 3% of cumulative inflows, so it is not large in scale.
- Lucas said the recent surge in the XRP price and subsequent pullback likely prompted profit-taking, and noted that if inflows resume, XRP could attempt to retest the $3 range.
Forecast Trend Report by Period
U.S. spot exchange-traded funds (ETFs) for XRP recorded their first net outflow since launch.
According to crypto data provider SoSoValue on the 8th (local time), XRP spot ETFs posted a net outflow of $40.80 million (about KRW 60 billion) the previous day (7th). The outflow was led by 21Shares’ TOXR alone, which saw $47.25 million leave the fund.
The Block reported that “the 36-day streak of net inflows into XRP ETFs has ended,” adding that “Bitcoin (BTC) and Ethereum (ETH) ETFs also saw sizable net outflows.”
It marks the first time XRP spot ETFs have recorded net outflows since their launch in November last year. Rachel Lucas, a crypto analyst at BTC Markets, said, “It is a notable shift that XRP ETFs have seen net outflows for the first time,” while adding, “However, the outflows are less than 3% of cumulative inflows, so the scale is not large.”
She continued, “With XRP recently surging from $1.8 to $2.4 in just a week, combined with a broader market pullback, it appears profit-taking selling emerged,” and added, “If (ETF) inflows resume, XRP could attempt to retest the $3 range.”
XRP posted a sharp decline on the day. According to CoinMarketCap, as of 5:39 p.m., XRP was trading at $2.11, down 7.1% from the previous day. That still represents a 14.92% gain compared with a week earlier.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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