BTC ETFs saw more than $700 million in redemptions over two days, but one ETF was still being bought.
Markets rebounded on Friday: BTC climbed from around 80,300 on Thursday back to the 83,000 level. Trump said on Truth Social that he wouldn’t take military action against Iran before the midterm elections. Oil prices fell, and sentiment recovered. But ETF flows are taking a little longer to catch up with sentiment.
According to SoSoValue data for 10-08, BTC ETFs saw net outflows of $244 million, bringing the two-day total to about $729 million. ETH saw outflows of $73 million, and SOL saw $3 million in outflows. ZEC ETFs saw net outflows for the fifth time in six days; October’s total is now -$86 million, wiping out a third of their net inflows since launch.
The only green came from $XRP ETF. It saw net inflows of $8.17 million on 10-08, the only positive figure across the board, and all of it went into Franklin Templeton’s fund. In cumulative terms, XRP ETFs have seen $1.81 billion in net inflows, already surpassing the $1.59 billion for SOL ETFs.
My feeling is that funds aren’t retreating across the board; they’re starting to pick and choose. Redemptions from both BTC and ETH show that risk appetite hasn’t returned yet. But some investors are adding to XRP against the trend, suggesting they’re starting to choose assets based on their fundamentals. Whether this divergence can last will depend on flows over the next few days.
I won’t rush to any conclusions this weekend. Let’s see whether the flows can hold steady for a few days first 👀
#BTC #XRP #MarketAnalysis
Markets rebounded on Friday: BTC climbed from around 80,300 on Thursday back to the 83,000 level. Trump said on Truth Social that he wouldn’t take military action against Iran before the midterm elections. Oil prices fell, and sentiment recovered. But ETF flows are taking a little longer to catch up with sentiment.
According to SoSoValue data for 10-08, BTC ETFs saw net outflows of $244 million, bringing the two-day total to about $729 million. ETH saw outflows of $73 million, and SOL saw $3 million in outflows. ZEC ETFs saw net outflows for the fifth time in six days; October’s total is now -$86 million, wiping out a third of their net inflows since launch.
The only green came from $XRP ETF. It saw net inflows of $8.17 million on 10-08, the only positive figure across the board, and all of it went into Franklin Templeton’s fund. In cumulative terms, XRP ETFs have seen $1.81 billion in net inflows, already surpassing the $1.59 billion for SOL ETFs.
My feeling is that funds aren’t retreating across the board; they’re starting to pick and choose. Redemptions from both BTC and ETH show that risk appetite hasn’t returned yet. But some investors are adding to XRP against the trend, suggesting they’re starting to choose assets based on their fundamentals. Whether this divergence can last will depend on flows over the next few days.
I won’t rush to any conclusions this weekend. Let’s see whether the flows can hold steady for a few days first 👀
#BTC #XRP #MarketAnalysis