XRP exchange-traded funds (ETFs) recently recorded outflows for the first time since late January as the price continues to waver. The trend reversal came amid Ripple CEO Brad Garlinghouse being picked by the Trump administration for a new government advisory committee. Garlinghouse will join other crypto executives in this role, which could shape the US crypto regulatory framework.
XRP ETFs Record $6 Million Outflows
On February 12, XRP ETFs recorded $6.42 million in outflows, according to SoSoValue. The outflows indicate diminished interest from Wall Street in this product, as on February 11, there were no inflows or outflows for the ETF.
However, the only XRP product to record outflows during the day was the Grayscale XRP Trust ETF, with $6.56 million in outflows. Canary, Bitwise, and Franklin Templeton all recorded positive inflows of $1.06 million, $226,000, and $737,000, respectively.
XRP was not the only ETF product to experience negative flows during the day; Bitcoin and Ethereum ETFs recorded outflows for two consecutive days. Meanwhile, Solana has defied the odds with positive inflows for three consecutive days.
Nevertheless, the recent CoinShares report revealed that institutional interest towards XRP has not dried up completely. In fact, XRP recorded the largest inflows of $68 million last week, while Bitcoin recorded $187 million in outflows.
Garlinghouse to Join Trump’s Government Advisory Committee
According to a recent report, the Trump administration has selected executives from the crypto, finance, and prediction markets to serve on a new government advisory committee. Ripple’s Garlinghouse is among the chosen executives.
The other appointees include Coinbase CEO Brad Garlinghouse and Robinhood CEO Vlad Tenev. Polymarket’s CEO, Shayne Coplan, is also among those named for this role.
According to CFTC Chair Michael Selig, this committee will be instrumental in developing guidelines that will shape the future of financial markets.
“The committee will help ensure the CFTC’s decisions reflect market realities so the agency can future-proof its markets and develop clear rules of the road for the Golden Age of American Financial Markets,” Selig said.
Garlinghouse’s appointment could be pivotal for XRP, considering his recent bullish remarks. As ZyCrypto reported, Garlinghouse recently said that XRP will remain Ripple’s top priority despite the falling prices.
Source: https://zycrypto.com/xrp-primed-for-rocket-move-as-ripple-ceo-gets-white-house-role-to-shape-crypto-regulatory-framework/
