XRP and Solana Show Positive Movement While Bitcoin Faces Continued Outflows
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During the holiday season, the digital coin market has recorded extensive continued investor caution as the exchange-traded funds of major coins sustained increased outflow.
However, from another angle, XRP and Solana ETFs maintained steady inflows, a different story from that faced by Bitcoin and Ether.
To this end, this inflow and outflow analysis shows a shift in sentiment that goes in favor of altcoins despite market weaknesses.
Bitcoin and Ether ETFs Face Continued Selling Pressure
Bitcoin spot ETFs saw a net outflow of $175.29 million, marking the fifth consecutive day of withdrawals. As it stands, it was revealed that the outflows were spread across eight different funds. However, BlackRock’s IBIT took the largest hit, losing $91.37 million. Also, other notable funds like Grayscale’s GBTC and Fidelity’s FBTC also saw significant losses, as both funds saw outflows of $24.62 million and $17.17 million, respectively.
Meanwhile, smaller funds were not left out, as outflows were also recorded by other funds like Bitwise’s BITB.
Despite these outflows, the overall trading volume remained high at $31.57 billion, though total net assets for Bitcoin ETFs decreased slightly to $113.83 billion. Ether ETFs also closed the day in the red, with a net outflow of $52.70 million. Grayscale’s ETHE led the losses with $33.78 million, followed by BlackRock’s ETHA with $22.25 million in exits. The only positive movement came from Grayscale’s Ether Mini Trust, which saw a modest $3.33 million inflow. The total trading volume for Ether ETFs dropped to $689.44 million, and net assets remained steady at $17.86 billion.
XRP and Solana ETFs See Continued Growth
In contrast, XRP ETFs continued to see inflows, adding $11.93 million on the day. Franklin’s XRPZ fund was responsible for the bulk of the activity, with an $11.14 million inflow, while Canary’s XRPC added a smaller $794K. At the time of writing, the total value traded for XRP ETFs was $10.84 million, and net assets remained thesame at $1.25b. Additionally, Solana ETFs posted modest gains, recording a $1.48 million inflow. As it stands, Fidelity’s FSOL received the largest share of this inflow with $1.08 million, followed by Vaneck’s VSOL, which saw an addition of $399K. Also, trading volume for Solana ETFs reached $15.77 million, as total net assets remained at $930.59 million.
Put together, the Christmas Eve trading session highlights a market with caution from investors as Bitcoin and Ethereum continue to witness constant outflow.
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