The current uncertainty in the cryptocurrency market isn’t necessarily good news for U.S. spot crypto ETFs. Despite this, the recently launched funds for Ripple’s XRP are racking up successes, to the point of outperforming Solana by a factor of 3 over the same period.
XRP ETFs are performing three times better than those tracking Solana’s SOL
After months of waiting, the U.S. SEC finally decided at the end of the year to approve the first spot crypto ETFs, in addition to those already in place for Bitcoin and Ethereum. This exclusive club now includes Solana’s SOL, Dogecoin (DOGE), and, most recently, Ripple’s XRP.
Bitwise’s BSOL fund quickly posted a start described as the best of the year for the sector, but that was before the market opened up to Ripple’s XRP, whose very first ETF—launched by Canary Capital—would set records just a few weeks later.
This dominant position will be further strengthened by the arrival of other ETFs, to the point of posting the best results in terms of net inflows, with assets under management now estimated at over $920 million since their launch—three times better than Solana’s SOL over the same period, which saw $270 million.
Flows recorded in the spot XRP ETF market
The ETF boom will continue
U.S. spot XRP ETFs are proving successful, bucking the general trend in the crypto exchange-traded fund market, with spot SOL ETFs already recording their first net outflows since late November, while Bitcoin and Ethereum ETFs have continued to see massive outflows in recent weeks.
A complicated situation that is by no means critical, according to Bitwise Asset Management Director Katherine Dowling. In fact, she believes that “the ETF boom will continue,” particularly for XRP and SOL, which are backed by “promising fundamentals,” with the prospect of new launches that could drive prices higher.
All crypto projects are pushing hard for issuers to launch ETFs because this benefits their tokens by increasing demand and, consequently, the price. More will follow.
Katherine Dowling
