On September 2, U.S. investor demand for cryptocurrency ETFs was clearly divided, with Bitcoin drawing in new investment, while Ethereum, $XRP, and Solana products all saw daily net outflows.
Surge of spot ETF inflows
The most recent ETF data shows that during the session, Bitcoin spot ETFs saw net inflows of $101.15 million. As a result, their total net assets increased to $97.22 billion, while their cumulative net inflows reached about $54.73 billion. Additionally, daily trading volume for Bitcoin ETFs was approximately $1.73 billion, significantly higher than that of any other category of cryptocurrency ETF.
The picture for the main altcoins was significantly worse. Despite maintaining positive 30-day flows of $1.83 billion, Ethereum ETFs saw daily net outflows of $48.08 million. Their total inflows are still around $13.03 billion, indicating that the most recent withdrawal is not as large as the total amount of capital that has been accumulated over time.
Withdrawals are spiking
Every day, $XRP had to deal with an even greater withdrawal. Together, the five $XRP ETF products recorded outflows of $57.20 million. Nonetheless, cumulative net inflows are approximately $1.68 billion, and $XRP’s 30-day figure is still positive at $165.22 million.
Of the three, Solana had the biggest outflow, losing $6.13 million over the course of the day. Its overall figures are still positive: SOL ETFs have drawn $197.60 million over the past 30 days and roughly $1.34 billion overall.
The divergence indicates that, rather than completely giving up on cryptocurrency ETF exposure, investors are currently viewing Bitcoin as the safer option during a time of uncertainty. Some of this hesitancy is also reflected in price action.
Following its spectacular August surge toward $1.70, $XRP is currently trading at $1.36, testing the 200-day moving average at $1.35. If $XRP is to avoid the correction continuing toward its 20-day EMA at $1.29, it is crucial to hold onto this level.
As a result, the ETF data shows conflicting results. Although altcoin products are experiencing short-term redemptions, their 30-day flows are still positive. While its biggest rivals moved in the opposite direction, Bitcoin has regained the strongest immediate institutional demand, adding more than $100 million.
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