The U.S. Spot XRP ETFs is now near the $1 billion mark of assets under management in less than a month since their launch. This follows from the product maintaining consistent inflows with no single outflow recorded yet.
XRP ETFs See Continuous Inflows Since Launch
Since its first launch on November 14, spot XRP funds have seen continued inflows. According to data from SoSoValue, the total inflows into these funds have now risen to $881.25 million. The funds attracted $12.84 million of new money yesterday. The daily trading volumes remained stable at $26.74 million.
Source: SoSoValueReaching nearly $1 billion in less than 30 days makes the product among the fastest growing crypto investment products in the United States.
Notably, Spot Solana ETFs also accumulated over $600 million since their launch. On the other hand, Bitcoin and Ethereum ETFs are holding about $58 billion and about $13 billion in assets under management respectively.
Much of the early growth traces back to the first Canary Capital’s XRP ETF. Its opening on November 13 brought one of the strongest crypto ETF openings to date. It saw more than $59 million in first-day trading volume and $245 million in net inflows.
Shortly after Canary’s launch, firms like Grayscale, Bitwise, and Franklin Templeton introduced their own XRP products. Bitwise’s fund also did well on its launch, recording over $105 million in early inflows.
Meanwhile, the market is getting ready for yet another addition. 21Shares’ U.S. spot XRP fund also got the green light from the SEC. It will trade under the ticker TOXR on the Cboe BZX Exchange.
XRP Products Keep Gaining Momentum in the Market
The token’s funds continued to expand this week. REX Shares and Tuttle Capital have launched the T-REX 2X Long XRP Daily Target ETF. This new ETF allows traders to have 200% leveraged exposure to XRP’s daily performance. This launch comes after REX Shares introduced a partial spot XRP fund.
Also, it was announced that Vanguard now will allow trading of spot crypto ETFs, including XRP-focused funds. This reversal of policy reflects growing demand from its clients and opens one of the largest retail and institutional gates for access to crypto ETFs.
Meanwhile, CoinShares has decided not to pursue the XRP ETF anymore. The firm has officially withdrawn its plans for three proposed crypto ETFs, including the spot XRP fund, by filing a Form RW. This withdrawal confirms that none of these products reached the stage of being issued.
Source: https://coingape.com/spot-xrp-etfs-nears-1b-aum-milestone-as-streak-of-no-outflows-continues/
