US spot Bitcoin exchange-traded funds (ETFs) experienced a surge in inflows on Tuesday, totaling $251 million. This follows a strong showing on Monday, which saw inflows of $167 million, according to data from SoSoValue. The upward trend in March is significant, with total monthly inflows reaching $1.56 billion, drastically surpassing the $576.6 million in outflows.
This increase comes despite Bitcoin’s price slipping below the $70,000 mark, hitting a low of $69,400 before trading at around $69,810, representing a 0.7% decline over the last 24 hours, as reported by CoinGecko.
The altcoin market saw mixed results, with Ether registering minor inflows of $12.6 million, breaking a streak of three consecutive days of outflows. In contrast, Solana funds reported no inflows, while XRP funds continued to face challenges, recording approximately $3.9 million in outflows, marking a fourth consecutive day of selling pressure. However, the pace of redemptions for XRP has notably slowed compared to larger withdrawals seen the previous Monday.
Bloomberg ETF analyst James Seyffart commented on the resilience of XRP ETFs despite the inherent volatility of the asset. XRP has experienced a decline of around 5% over the past month, trading at $1.38. Seyffart noted that XRP ETFs have accrued a cumulative total of $1.4 billion since their inception, with Goldman Sachs emerging as the leading holder, owning around $154 million in XRP ETFs as of December 31. This positions them ahead of Millennium Management and Logan Stone Capital, which hold $23 million and $5.3 million, respectively.
Seyffart also shared a detailed breakdown of ETF asset distribution, indicating that XRP ETFs are predominantly favored by retail investors. Only 15.9% of XRP ETF assets are captured in 13F filings, in stark contrast to Solana ETFs, where 48.8% are institutionally held. Bitcoin and Ether ETFs registered intermediary positions, with 24% and 27% of their assets disclosed in filings.
This varied performance across different cryptocurrency ETFs highlights the evolving landscapes of institutional versus retail investments in the crypto space.
