Bitwise Dumps XRP ETF to Invest $12M in Bitcoin and Ethereum ETFs
The U. S. spot crypto ETF market saw Bitcoin and Ethereum ETFs attract fresh capital on Wednesday, while spot XRP ETFs posted their first day of outflows in a month. Notably, Bitwise stood out during the. . .
The U. S. spot crypto ETF market saw Bitcoin and Ethereum ETFs attract fresh capital on Wednesday, while spot XRP ETFs posted their first day of outflows in a month. Notably, Bitwise stood out during the session. The firm recorded the only XRP ETF outflow while adding to itsBitcoinand Ethereum ETF holdings. XRP ETFs See First Outflow Since JulySpecifically, spot XRP ETFsrecordednet outflows of $3. 58 million on Aug. 5. It was the first negative flow since July 8, ending a streak of mostly positive daily inflows. The entire withdrawal came from the Bitwise XRP ETF. Every otherU. S. spot XRP ETFreported no net flows for the day. Despite the outflow, investor demand remains strong. Spot XRP ETFs have attracted cumulative net inflows of $1. 51 billion. Total assets under management stand at $993. 38 million. Bitwise remains the largest XRP ETF issuer by cumulative inflows with $507. 33 million. It is followed by Canary with $468. 12 million and Franklin with $425. 97 million. XRP ETF Records | SoSoValueBitcoin ETFs Add Another $244MMeanwhile,spot Bitcoin ETFsrecorded $244. 42 million in net inflows yesterday, marking their third straight day of positive flows. BlackRock’s iShares Bitcoin Trust led the market with $196. 83 million in new investments. Its cumulative net inflows have now reached $60. 96 billion, strengthening its lead among Bitcoin ETFs. Other inflows included:ARK & 21Shares (ARKB): $37. 63 millionFidelity FBTC: $11. 28 million, bringing cumulative inflows to $9. 98 billionBitwise BITB: $10. 56 millionMorgan Stanley ETF: $2. 79 millionVanEck was the only fund to post a notable outflow, losing $14. 67 million. All other funds remained unchanged. The latest inflow follows gains of $211. 49 million on Aug. 4 and about $170 million on Aug. 3. Those inflows reversed the $265. 37 million in withdrawals recorded on July 31. So far this week, Bitcoin ETFs have attracted roughly $626 million in net inflows. U. S. spot Bitcoin ETFs now hold $79. 21 billion in assets. Ethereum ETFs Extend Their GainsLikewise, spotEthereumETFs also remained in positive territory, recording $60. 86 million in net inflows for a second straight day. BlackRock’s ETHA led with $50. 34 million while its ETHB added another $4. 94 million. Other inflows included:Fidelity Ethereum ETF: $2. 87 millionBitwise Ethereum ETF: $1. 37 millionThe steady inflows suggest institutional demand for Ethereum remains strong, even as investors rotate capital across crypto ETF products. Bitwise’s Portfolio Shift Stands OutWhile Bitwise posted the day’s only XRP ETF outflow, its Bitcoin ETF attracted $10. 56 million, while its Ethereum ETF added $1. 37 million. Together, the Bitcoin and Ethereum ETFs brought in nearly $12 million. The contrasting flows suggest investors shifted money from XRP into Bitcoin and Ethereum. Crypto Prices RecoverThe ETF activity came as major cryptocurrencies recovered. Bitcoin traded around $64,830, up 1. 2% over the past 24 hours and about 3% over the past month. Ethereum traded at $1,911, gaining 2. 35% on the day and roughly 8. 11% over the past 30 days. Meanwhile, XRP lagged behind the two largest cryptocurrencies. It fell 1. 10% over the past 24 hours to around $1. 05 and is down 6. 24% over the past month. On a year-to-date basis, XRP remains the weakest performer of the three. It is down about 43%, compared with declines of 26% for Bitcoin and 36% for Ethereum. Market prices | CoinMarketCapDisClamier:This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.