The recently minted XRP exchange-traded funds (ETFs) have been praised by none other than Bloomberg's Eric Balchunas despite their somewhat sluggish performance.
According to the prominent pundit, the resilience of these funds amid a massive 45% price drawdown shows the utter dedication of the XRP community.
Casual retail investors typically flee during a "reverse shiny object moment," but the XRP funds have defied traditional market mechanics by continuing to hold substantial capital.
"Like Solana this is really impressive given these launched into a brutal 45% drawdown," Balchunas noted on X. "Traditionally, inflows are near imposs for ETF having a reverse shiny object moment, and esp if they are brand new. My guess is this is largely XRP super fans vs casual retail."
Current XRP ETF stats
The funds experienced nine-figure daily capital injections right out of the gate. For instance, Nov. 24 saw a record-setting single-day net inflow of over $164 million. This momentum carried the funds through December. However, the funds began to experience violent capital outflows in January. Jan. 29 stands out as the most brutal single day of capital flight, with the ETFs bleeding nearly $93 million in net outflows.
The funds have indeed seen a massive drop in Total Net Assets (TNA) due to the depreciation of XRP's spot price, according to the data provided by SoSoValue.
In January, the combined TNA of these ETFs peaked at $1.65 billion. Today, that number has slipped just below the $1 billion mark to $971 million.
That said, cumulative inflow metrics prove that investors are largely holding their ground.
Canary and Bitwise are currently both holding over $260 million in assets.
Dan Burgin
Vladislav Sopov
