UPDATE: Solana and XRP ETFs are defying the ongoing crypto market downturn, attracting nearly $900 million in inflows since their launch. While Bitcoin and Ether products face significant redemptions, these altcoin ETFs have maintained a remarkable streak of no outflow days.
Latest data from SoSoValue reveals that Solana-based ETFs have amassed close to $500 million in inflows, while XRP ETFs have pulled in $410 million to date. This surge highlights a rare moment of investor confidence amid a broader market sell-off.
On November 19, Solana ETFs recorded their strongest daily inflow, ranging from $8.26 million to $55.61 million. The XRP ETF, launched by asset manager Canary, debuted with a remarkable $105 million on its first trading day. Recent reports indicate that the XRP ETF continues to draw attention, with inflows totaling $243 million on November 14, marking it as the largest single inflow day for any XRP ETF.
Despite the positive performance of these ETFs, the underlying assets have struggled. Solana’s price has plummeted by 32.5% in the past month, trading at $122.94, reflecting a 52.3% decline over the last year. Conversely, XRP has demonstrated resilience, trading at $1.86, showing a 49.9% increase year-over-year.
The contrasting performance of altcoin ETFs against flagship products underscores a shifting landscape in the cryptocurrency market. Investors are increasingly looking beyond Bitcoin and Ether for exposure, a trend that could signal a new phase in crypto investing.
As the crypto market evolves, all eyes will be on these altcoin ETFs to see if they can maintain momentum amid ongoing volatility. With growing interest and solid inflows, Solana and XRP are positioning themselves as potential frontrunners in the ETF space, giving investors a glimmer of hope in a challenging market.
Stay tuned for further updates as the situation develops and investor sentiment continues to shift.
