The spot Ripple (XRP) exchange-traded funds were often leading the broader crypto-fund inflows for weeks, including closing in October in the green, but demand has disappeared as November began.
The funds tracking Solana’s SOL are in an even worse shape, closing their fifth consecutive week in the red, as total inflows dropped from over $1.6 billion to under $1.45 billion.
XRP ETFs See No Demand
CryptoPotato reported last week that the spot XRP ETFs managed to end October with almost $19 million in net inflows. This contrasted sharply with the millions and millions of dollars in net outflows from the spot BTC and ETH ETFs during the same month. However, there were two major catches. First, this was the second-worst month in terms of net inflows for the XRP ETFs. Second, the green streak couldn’t help the underlying asset post any gains; just the opposite.
November didn’t start on the right foot. Perhaps still dealing with the Binance hack, which unfolded in the previous business days, investors pulled over $500,000 out of the funds on Monday. The next four trading days were not in the red but were just as concerning, as there was no reportable action in any of them. SoSoValue shows $0.00 in net flows on Tuesday, Wednesday, Thursday, and Friday. The XRP ETFs haven’t seen such a four-day no-show streak since August.
Consequently, the week ended with $530,000 in net outflows. Meanwhile, XRP’s price has tumbled to multi-month lows at around $1.15, while the social sentiment around it has deteriorated.
SOL ETFs Still in Red
The Solana ETFs were among the crypto funds that didn’t enjoy October. In fact, it was their worst month in their one-year history, as they posted a net loss of $143.71 million. Investors kicked things off in November with zero interest, with $0.00 reported by SoSoValue on Monday, Tuesday, and Wednesday.
However, the net outflows returned on Thursday with a minor withdrawal of $1.18 million, before skyrocketing to $25.08 million on Friday. Thus, the week ended with more than $26 million in net outflows, making it the fifth consecutive red week. What’s perhaps even more concerning is that the SOL ETFs have seen only two green days since September 30.
SOL’s price has been crushed over the past month, dumping by more than 18%. Consequently, the token closed on Sunday at $90.
The post Ripple (XRP) ETFs Turn Into a Ghost Town, Solana (SOL) Funds Keep Bleeding appeared first on CryptoPotato.
Source: https://cryptopotato.com/ripple-xrp-etfs-turn-into-a-ghost-town-solana-sol-funds-keep-bleeding/
