In the United States, the spot XRP exchange-traded fund (ETF) experienced a net outflow of $6.0806 million in a single day, bringing the total outflow since early March to over $44 million. This selling trend stands in stark contrast to the Bitcoin ETF, which attracted $115 million in inflows on a trading day this week, indicating that institutional capital is returning to this original cryptocurrency.
Key Information
- Total outflow from XRP funds in March reached $44.76 million.
- The largest single-day outflow this month occurred on March 9, amounting to $18.11 million, marking the third consecutive day of net outflows. On March 6, 21Shares Core XRP Trust led with an outflow of $10.6 million, followed by Bitwise XRP ETF with $3.65 million and Grayscale XRP Trust with $2.37 million.
The Bitcoin ETF absorbed $738 million in March, while other token products faced outflows.
With outflows from exchanges reaching $738 million, this contrasts with the sales of ETFs.
The Bitcoin network fundamentals remain at 944 EH/s.
The trading price of Bitcoin is $71,967, benefiting from the reversal of ETF inflows and stable accumulation in corporate treasuries, including MicroStrategy's recent disclosure of 1,360 BTC purchases in SEC filings.
Outlook: Redemption Speed Slows, but Macro Headwinds Persist
The $6.0806 million outflow is significantly lower than the $18.11 million and $16.62 million redemptions recorded earlier this month, suggesting that the redemption speed for the XRP ETF may be slowing. The cumulative inflow for the seven funds stands at $1.24 billion, indicating that the XRP ETF still has a substantial capital base.
However, the macroeconomic environment remains challenging. Oil prices have exceeded $100 per barrel, leading to a general risk-averse attitude towards speculative assets. With the Fear and Greed Index remaining in the “extreme fear” state below 20 for a month, a sustained reversal in ETF fund flows may require catalysts beyond price stability.
For Bitcoin, the network fundamentals are evidently clearer. Its hash rate has reached 944 EH/s, and transaction fees are near historical lows, while the return of ETF inflows indicates that the core value proposition of the protocol continues to attract capital, whereas other token products face greater retention pressure. Scarcity, decentralization, and increasing institutional adoption remain Bitcoin's unique fundamentals.