XRP spot exchange-traded funds have recorded a substantial $7.29 million net outflow.
This is the most significant single-day loss that these funds have recorded since March.
The Bitwise factor
Notably, a single fund for the unfortunate outflows. The Bitwise XRP ETF fully absorbed the $7.29 million net redemption.
However, despite bleeding capital during the mid-week trading session, the broader outlook for the Bitwise product remains rather positive.
The fund's cumulative historical net inflow still sits at an impressive $494 million.
However, it has lost only a fraction of the total capital it has attracted since its inception.
Reen volatility
The July 8 outflow snapped a period of relative calm and positive momentum for XRP investment ETFs. As reported by U.Today, these products had shown impressive resilience despite all the bleeding that Bitcoin and Ethereum vehicles had suffered.
The preceding two trading days, July 6 and July 7, saw completely flat flows with zero net movement. Before the weekend, the funds actually logged a solid $6.55 million net inflow on July 2, which itself followed a minor $1.86 million outflow on July 1.
On June 29, the funds pulled in a massive $15.34 million, building on an equally impressive $15.63 million net inflow recorded just days prior on June 26.
A drop in the bucket
The recent $7.29 million dip pales in comparison to the massive capitulation event witnessed on January 29, when XRP spot ETFs lost a staggering $93 million in a single brutal trading session.
Despite the recent bumps in the road, cumulative net inflows across all approved XRP spot ETFs continue to hover around a healthy $1.40 billion mark.
Dan Burgin
U.Today Editorial Team
