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Despite the brief crypto market rally seen over the past day, $XRP ETFs have retained the weak momentum as they have shown limited investor activity during their last trading session.
According to data provided by SosoValue on March 4, only one $XRP fund recorded new capital inflows, while others showed zero performances even as the price of $XRP posted a strong daily gain of about 8%.
Canary Capital leads $XRP ETFs
Notably, all existing $XRP ETFs stayed muted over the last day except for Canary Capital.
It appears that the rapid crypto market resurgence that pushed $XRP to reclaim $1.47 has failed to fuel momentum for the ETF market as the entire daily inflow came from Canary Capital, which recorded $4.19 million in net inflows, worth about 2.87 million $XRP.
While the ecosystem achieved just $4.19 million in total daily net inflows across all $XRP ETFs, Canary Capital has single-handedly pushed overall net inflows for the sector to about $1.26 billion as of March 4.
With Canary Capital standing out as the only product to attract fresh investments during the session, the $XRP-based investment products issued by Bitwise Asset Management, Franklin Templeton, 21Shares and Grayscale Investments all reported no new capital entering their funds for the day.
Institutions still bearish on $XRP?
Although $XRP has suspended its prolonged price dip, the weak performances from major $XRP ETFs suggest that investors are taking a cautionary approach toward the investment products as they await stronger confirmation of a sustainable market rally.
Nonetheless, the weak trading session has coincided with a broader crypto market rebound that saw $XRP surge near $1.50.
During the brief rally, $XRP achieved the highest price seen over the last seven days. While this positive sentiment remains, $XRP has surged decently by 2.61% over the last day, trading at $1.43 as of writing time.
coindesk.com
cryptonews.net
