XRP and Solana Dominate Altcoin ETP Inflows While Ethereum Declines
XRP and Solana led altcoin-based exchange-traded product (ETP) inflows during the week ending March 21, according to digital asset investment firm CoinShares. Meanwhile, Ethereum experienced significant outflows, continuing its recent downward trend.
Key Highlights:
- XRP recorded inflows of $6.71 million, closely followed by Solana with $6.44 million.
- Other altcoins saw modest inflows: Polygon (MATIC) at $400,000 and Chainlink (LINK) at $200,000.
- Ethereum (ETH) faced substantial outflows totaling $86 million, marking its fourth consecutive week of net outflows.
- Additional notable outflows included Sui ($1.3 million), Polkadot ($1.3 million), and Tron ($950,000).
Bitcoin Drives Overall Digital Asset Recovery
Despite Ethereum’s negative performance, digital assets collectively reversed a five-week streak of net outflows, registering total inflows of $644 million. Bitcoin (BTC) led this recovery with inflows of $724 million, marking its largest weekly inflow since January.
Global Sentiment Shifts Toward Digital Assets
The majority of inflows originated from the United States, totaling $632 million, primarily driven by BlackRock’s iShares Bitcoin Trust (IBIT). Positive sentiment also extended internationally:
- Switzerland: $15.9 million
- Germany: $13.9 million
- Hong Kong: $1.2 million
Conversely, Canada and Sweden led regions experiencing net outflows.
Positive Developments Boost XRP and Solana
Solana and XRP’s strong performance coincides with positive market developments:
- The U.S. market is preparing to launch its first Solana futures ETFs, potentially paving the way for future spot ETFs.
- XRP benefited significantly from the recent dismissal of the SEC’s long-running lawsuit against Ripple Labs.
These developments highlight growing investor confidence in XRP and Solana, despite broader altcoin market challenges.
