XRP's spot ETF experienced a significant surge on November 20, recording a daily net inflow of $118.15 million. This inflow surpassed those of Bitcoin and Ethereum's ETFs, according to data from Soso Value. This development marks a notable shift in the cryptocurrency ETF market, with XRP securing the highest daily inflow despite the generally larger market presence of Bitcoin and Ethereum.
In contrast, Bitcoin's spot ETF registered a $903.11 million outflow, and Ethereum's spot ETF saw a $261.59 million outflow on the same day. This data highlights a substantial difference in investor activity, as XRP attracted positive capital, unlike its larger cryptocurrency counterparts.
Although Bitcoin and Ethereum hold considerably larger cumulative inflows, amounting to $57.40 billion and $12.58 billion respectively, their daily performance on November 20 indicated losses for both assets.
XRP ETF Leads Amid Market Shifts
XRP's total net assets were reported at $385.05 million, representing approximately 0.32% of XRP's overall market capitalization. While this figure remains modest compared to Bitcoin's $113.02 billion or Ethereum's $17.43 billion, the $118.15 million inflow into XRP underscores a growing investor interest and suggests potential for future expansion of its ETF product.
This substantial daily inflow also reflects evolving investor sentiment. XRP's outperformance in terms of daily inflows indicates a potential shift in focus towards altcoin ETFs, especially when contrasted with the outflows experienced by Bitcoin and Ethereum.
As the market continues to adapt, XRP's ETF may attract increasing attention from both institutional investors and retail traders. It presents a compelling alternative to the established major players in the cryptocurrency market.
While XRP's total net assets are currently a smaller portion compared to Bitcoin and Ethereum, the ETF's strong daily inflow could signal an early indication of increasing confidence in XRP's market standing. This surge is significant not only for its immediate impact but also as a potential indicator of a broader trend towards greater diversification within the cryptocurrency ETF landscape.