XRP spot ETFs saw a net outflow of $7.29 million, the largest daily loss for these funds since last March.
The Bitwise XRP fund alone absorbed the entire net redemption of $7.29 million.
Despite the capital hemorrhage during the mid-week session, the overall outlook for the “Bitwise” product remains relatively positive. The fund’s cumulative net inflows remain at a high of $494 million, meaning it has lost only a fraction of the total capital it has attracted since its launch.
Renewed fluctuations:
The July 8 influx interrupted a period of relative calm and positive momentum for XRP funds, which have shown remarkable resilience despite the hemorrhaging suffered by Bitcoin and Ethereum funds.
July 6 and 7 saw completely flat inflows with no net movement, while funds saw a net inflow of $6.55 million on July 2, following a slight outflow of $1.86 million on the first of the month.
On June 29, the funds attracted a whopping $15.34 million, following a similar inflow of $15.63 million on June 26.
The drop in recent days ($7.29 million) pales in comparison to the funds’ massive capitulation on January 29, when they lost $93 million in a single brutal trading session.
Despite these recent hiccups, cumulative net inflows across all approved spot XRP funds still hover around a healthy $1.40 billion.
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