U.S. spot XRP exchange-traded funds recorded $8.43 million in net inflows on October 29, the strongest daily figure of the month for the products tied to $XRP, the token associated with @Ripp
U.S. spot XRP exchange-traded funds recorded $8.43 million in net inflows on October 29, the strongest daily figure of the month for the products tied to $XRP, the token associated with @Ripple.
The figures come from SoSoValue data. ChainCatcher reported that the total net inflow for the day was $8.4316 million. The funds' cumulative net inflows stand at $1.809 billion, and total net assets are $1.465 billion.
The Franklin XRP ETF (XRPZ) led the group with $5.57 million, while the Bitwise XRP ETF (XRP) added $2.86 million, according to CryptoTicker. The same report said the Canary XRP ETF recorded neither inflows nor outflows that day. Across October as a whole, one analysis cited by the outlet counts $19.33 million in net inflows.
The latest reading follows a weaker run. TokenPost reported that the funds took in $4.25 million in the week ended October 23, after $1.84 million in outflows in the week ended October 16. Daily inflows are not yet a weekly total, so it remains to be seen whether this week will exceed last week's figure.
Flows were mixed across other altcoin products on the same day. According to TokenPost's altcoin ETF roundup, XRP, HYPE and ZEC spot ETFs drew inflows, while SOL funds lost $27.69 million on a fourth straight day of outflows. The same roundup put XRP ETF net assets at $1.47 billion, equivalent to 1.85% of XRP's market capitalization.
The inflows come as XRP has struggled. AOL reported that XRP fell nearly 19% in October to $1.25, and that spot XRP ETF assets slipped from $1.70 billion to $1.47 billion over the month. Five sessions in October recorded zero net inflows, with the largest daily outflow at $3.61 million on October 26.
Net flow figures also have limits. As TokenPost noted, net flows measure the balance between fund shares created and redeemed. They do not identify investors or confirm that the funds bought an equivalent amount of XRP on spot markets.
ChainCatcher: US XRP spot ETF single-day net inflow data (SoSoValue)TokenPost: U.S. XRP ETFs record more than $8 million in October 29 inflowsAOL: XRP price prediction and ETF flow context
