The Bitwise CIO has recently explained how his company’s spot ETF purchases XRP, stressing that each buy removes XRP from the open market.
After Canary Capital launched the first pure spot XRP ETF on Nov. 13, four more spot XRP ETFs entered the market days later, bringing the total to five.
Together, these funds have recorded one of the strongest starts among crypto ETFs, despite the pressure surrounding the broader crypto market.
Specifically, the five XRP ETFs crossed $1 billion in total inflows after just 21 straight days of buying.
This pace made them the second-fastest crypto ETFs to reach the milestone, behind only Bitcoin ETFs.
Interestingly, after crossing the $1 billion mark, the inflows continued over the next 10 days, pushing cumulative net inflows to $1.15 billion.
The latest streak also set a record for the most consistent daily inflows among all crypto ETFs.
Despite these strong inflows, XRP’s price has moved in the opposite direction.
Notably, the token has tracked the broader market lower and has not reflected the ETF demand.
Since October, XRP has fallen by 34.5%, putting it on course for its weakest quarterly performance since the second quarter of 2022.
The issue emerged during a recent episode of the Good Evening Crypto show, hosted by Abdullah Nassif and analyst Johnny.
Johnny asked how spot XRP ETFs purchase XRP in practice and whether those purchases happen on exchanges, through OTC desks, or both.
Leave a Reply