Institutional Investors Are Buying XRP And Solana At An Accelerated Rate While They Dump Bitcoin

Institutional investors are significantly accumulating XRP and Solana while offloading their Bitcoin ￰0￱ comes amid the launch of the new altcoin ETFs in the United States (U. S.), which provide spot exposure to these ￰1￱ Buy XRP And Solana While Dumping Bitcoin A CoinShares report showed that institutional investors bought XRP and Solana while offloading ￰2￱ SOL funds recorded $421 million in inflows, the second largest on record, thanks to the launch of the ￰3￱ Solana ￰4￱ funds also recorded inflows of $43.2 million. Meanwhile, the Bitcoin ETFs recorded an outflow of $946 million. Notably, BTC was the only crypto asset to record an ￰5￱ noted that the outflows from the Bitcoin ETFs were likely due to Fed Chair Jerome Powell’s hawkish speech following the FOMC ￰6￱ Fed Chair stated that a December rate cut was far from certain, which sparked market uncertainty.

Meanwhile, the XRP and Solana funds have recorded these inflows amid the launch of the new altcoin ￰7￱ and Grayscale Solana ETFs launched last week and had strong inflows in their first ￰8￱ data shows that these SOL funds recorded a total weekly net inflow of almost $200 million. Meanwhile, the ￰9￱ Bitcoin ETFs saw a weekly net outflow of nearly $800 ￰10￱ analyst Eric Balchunas revealed that Bitwise’s Solana ETF led all crypto ETFs in weekly flows last ￰11￱ included BlackRock’s Bitcoin ETF, which he noted had a “rough week.” This also contributed to the significant decline in BTC’s price , which failed to break above the psychological $110,000 level last ￰12￱ ETFs Expected To Launch Soon Optimism for XRP is also high at the moment, as a spot XRP ETF could launch by November ￰13￱ manager Canary Capital has updated its S-1 filing to remove a delay amendment, which allows it to launch on November ￰14￱ is expected to boost inflows into the XRP ecosystem, especially with the firm’s CEO, Steve McClurg , predicting that XRP funds could attract between $5 and $10 billion in their first ￰15￱ is worth mentioning that Grayscale and Bitwise have also filed amendments for their respective XRP ETFs and could launch shortly after Canary Capital’s XRP ETF goes ￰16￱ issuers are looking to take a similar route to the one they took to launch the Solana ￰17￱ noted that the XRP ETF issuers didn’t have back-and-forth comments with the SEC as the Solana ETF issuers did.

However, he added that it was worth a ￰18￱ remains to be seen where the XRP ETFs will rank alongside the Bitcoin, Ethereum, and Solana ￰19￱ expert Nate Geraci expects them to see significant demand, given the demand XRP has enjoyed among institutional investors through CME futures and futures ETFs.