- Canary Capital leads XRP ETFs
- Institutions still bearish on XRP?
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.
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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.
Source: https://u.today/xrp-etfs-stalls-despite-price-rally-but-canary-breaks-silence
