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Crypto exchange-traded products (ETPs) faced a major setback last week, with investors withdrawing a staggering $1.7 billion. CoinShares revealed that this is the fifth week in a row investors are pulling out huge capital, bringing total outflows to a record $6.4 billion.
ETPs saw positive year-to-date earlier but have shrunk to just $912 million. Reportedly, the crypto market has seen 17 straight days of outflows, the longest period of withdrawals since global crypto ETP tracking began in 2015.
US Investors Lead the Sell-Off
Most of the sharp decline in investment came from US investors, who made up 93% of last week’s withdrawals. In total, $1.16 billion left US crypto ETPs as major players in the spot Bitcoin ETF market saw big outflows.
BlackRock lost $401 million, Grayscale lost $134 million, Fidelity lost $317 million, and Ark 21Shares lost $68 million. Bitcoin-related investments were hit the hardest, with $978 million withdrawn last week.
Over the past five weeks, Bitcoin ETPs have lost $5.4 billion, showing a growing lack of confidence in the market. Short-Bitcoin positions also saw withdrawals, with $3.6 million pulled out. Notably, Bitcoin’s price remained steady at $83,03.68, up 0.53% in the last 24 hours, according to CoinMarketCap. Also, Ethereum investment products saw $175 million in outflows, while Solana lost $2.2 million.
Even blockchain equity funds were hit, with $40 million pulled out. Binance, which used to handle large amounts of money, now only manages $15 million after a big investor left.
XRP Stands Out Amid Crypto ETPs and Market Struggles
While most cryptocurrencies suffered major outflows, XRP remained strong. Last week, XRP investment products brought in $1.8 million, bringing its monthly total to $7.4 million. Notably, Solana had the highest monthly inflows, with $14.2 million.
Reports revealed that XRP has been one of the top-performing assets so far this year, attracting $212 million in inflows. This is second only to Bitcoin, at $612 million, and Ethereum, at $412 million. This has pushed XRP-related products to $1.2 billion in total assets.
What is Fueling XRP’s Growth?
Several factors have helped XRP’s strong performance. The ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) seems close to a resolution. Reports suggest both sides are working toward a settlement.
There is growing speculation that the SEC might classify XRP as a commodity instead of a security. If this happens, it could help an XRP-focused spot ETF attract more investment. Experts say XRP’s price follows its past bull run, leading to speculation about another big surge.
This has excited both the XRP community and investors alike. Nevertheless, the recent withdrawals show that the crypto investment market is still uncertain.
