Thursday's ETF tape told two stories.
Bitcoin funds lost $244M, dragging two-day withdrawals to $729M after Wednesday's $485M exit. Ether funds shed $73M. The ZEC fund took $19M, its fifth outflow in six October sessions, erasing a third of everything it had gathered since launch.
One group was green. XRP funds were the only crypto products to take in money, all of it into Franklin Templeton's XRPZ. Total XRP ETF inflows since launch now sit at $1.81B, ahead of the $1.59B sitting in SOL funds.
Read the divergence, not the price. Allocators are pulling back from BTC and ETH, the duration-sensitive majors, while a separate bid keeps showing up for XRP. Crypto is being priced by its plumbing and its politics now, not as one trade anymore.
Flows via CoinDesk, SoSoValue data.
$BTC $ETH $XRP
Bitcoin funds lost $244M, dragging two-day withdrawals to $729M after Wednesday's $485M exit. Ether funds shed $73M. The ZEC fund took $19M, its fifth outflow in six October sessions, erasing a third of everything it had gathered since launch.
One group was green. XRP funds were the only crypto products to take in money, all of it into Franklin Templeton's XRPZ. Total XRP ETF inflows since launch now sit at $1.81B, ahead of the $1.59B sitting in SOL funds.
Read the divergence, not the price. Allocators are pulling back from BTC and ETH, the duration-sensitive majors, while a separate bid keeps showing up for XRP. Crypto is being priced by its plumbing and its politics now, not as one trade anymore.
Flows via CoinDesk, SoSoValue data.
$BTC $ETH $XRP