Crypto ETPs invested $454 million in XRP, Solana made the money
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Crypto-currency trading saw $454 million in outflows last week. The outflows nearly matched the $1.5 billion inflows recorded earlier in the year, reflecting a sharp shift in market sentiment.
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XRP and Solana-linked funds saw strong gains last week despite a wave of outflows in crypto exchange-traded products, according to a new report from CoinShares.
Bitcoin led the weekly spending total of $405 million, followed by Ethereum at $116 million, largely offsetting the $1.5 billion in early-year revenue.
On the contrary, XRP funds took 46 million dollars, while Solana products attracted 33 million dollars. Sui and Chainlink also closed the week with modest gains.
Among providers, Greyscale and Fidelity account for most of the week's redemptions, while iShares and ProFunds draw inflows. As of January 9, total assets under management stood at $182 billion.
US funds recorded the largest outflows, followed by Germany, Canada and Switzerland inflows.
Investors pulled out of digital asset products last week, according to CoinShares analysts, as hopes for a March Fed rate cut fade.
According to the FedWatch tool, markets are pricing in just a 27% chance of a Fed rate cut in March.
