Bloomberg analyst James Seyffart recently gave a positive assessment of the performance of spot XRP ETFs, despite overall market uncertainty and a significant price correction in XRP itself.
Notably, Seyffart's comments come at a time when XRP ETFs have experienced several consecutive days of outflows.
XRP ETF Market Performance
Data from SoSoValue shows that investors poured $666.61 million into these five XRP ETFs in November of last year, followed by $500 million in December. January of this year saw a much lower inflow of $15.59 million, while February saw a slight rebound to $58.09 million.
Despite facing apparent investor withdrawals, Seyffart noted that these funds are “actually doing pretty darn good despite the pretty big price correction.” Interestingly, his data shows XRP ETFs with a cumulative total exceeding $1.4 billion, while SoSoValue cites a lower figure of $1.21 billion.
Price Correction
While these exchange-traded funds have accumulated over $1 billion in assets in their four months of existence, XRP's price has indeed seen a correction, as Seyffart pointed out. Not only has this been the case over the past few weeks as global uncertainty has spiked to new highs, but even if we examine the trend since the launch of XRPC.
At that time, XRP was trading at around $2.50, but it fell to a 15-month low of $1.11 on February 6. Although it has since rebounded somewhat, XRP is still trading below $1.40 as of press time, meaning it is down 45% since the ETF's debut.