There appears to be a clear winner in terms of investor behavior towards cryptocurrency-based ETFs, and it is not the market leaders, BTC and ETH.
Financial instruments tracking the performance of the cross-border Ripple token continue to defy overall market weakness with another week in the green. HYPE ETFs also had another positive week, but it was a significant decline from the previous week.
The Ripple ETF line is on the right track
After an impressive end to the previous business week, which investors witnessed Poured $15.63 million was floated in spot XRP ETFs on Friday, and hopes were high for another strong start. Figures provided by SoSoValue show that reality wasn’t far off, as another $15.34 million entered ETFs on Monday.
However, the trend changed on Tuesday and Wednesday. Net withdrawals dominated, with investors withdrawing $2.83 million and $1.86 million, respectively. This was a rare occasion as funds have not seen many red days recently Despite the broader trend of ETFs. The last one was a month ago, on June 3.
Moreover, the last time the red indicator saw two days in a row was nearly three months ago, in early March. However, unlike the events of the time, things have turned around again, with the funds seeing net inflows of $6.55 million on Thursday (the last trading day of the week due to the July 4 holiday).
As a result, the week ended well in the green again, with net inflows of $17.19 million. Thus, the amazing streak of green-only weeks continues, with the last (barely) red week in late April/early May.
Perhaps driven by positive developments on the ETF scene, the price of the underlying asset has risen more than 8% in the past week and is now approaching $0.15.
HYPE ETFs are also in green
HYPE ETFs also enjoyed the last full business week of June, seeing a massive net inflow of $111.36 million, the largest ever. Although the four-day workweek was also in the green, it was more modest, with just $4.32 million coming into the funds.
However, total cumulative net inflows are at an all-time high of around $300 million, despite $3.01 million exiting ETFs on Tuesday.
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