Markets Ether and XRP ETFs Experience Outflows Amid Bitcoin Surge

Ether funds face losses for the third consecutive session despite the token's rise, while other major cryptocurrencies gain, with Zcash continuing its upward trend.

By Shaurya Malwa 10 min ago 2 min read Make preferred on

On Thursday, U.S. spot ether exchange-traded funds (ETFs) reported approximately $39 million in net outflows, marking their third straight day of withdrawals. This follows a significant exit of about $224 million on Wednesday and $141 million on Tuesday, as per data from SoSoValue. During the same period, ether saw a 2% increase, reaching around $2,470.

XRP funds experienced a decline of roughly $5 million, reversing a slight inflow from the previous day. In contrast, bitcoin ETFs attracted about $159 million, while the sole U.S. Zcash fund gained nearly $47 million, contributing to a monthly total exceeding $230 million.

Over the last month, ether funds remain ahead by over $1.5 billion, whereas bitcoin funds are up nearly $2.5 billion.

Zcash led the major cryptocurrencies with a 10% rise to about $1,488, while hyperliquid's HYPE followed closely with nearly a 10% increase to just above $86. Solana climbed 5% to nearly $105, and BNB rose nearly 4% to roughly $750. Dogecoin and both ether and XRP recorded gains of about 2% each, with bitcoin rising more than 1% to approximately $77,216, according to CoinDesk data. Tron was the only major cryptocurrency with minimal movement.

Equities and bonds also saw an uptick as oil prices fell, occurring a day after the Federal Reserve increased interest rates for the first time in 2023. The S&P 500 rose about 1%, marking its largest increase in six weeks, while the Nasdaq 100 surged nearly 2%, and a semiconductor index jumped by 3%.

The yield on the 10-year Treasury note decreased, ending an eight-day streak of increases, and the dollar remained relatively stable. Gold prices increased, and Brent crude oil settled below $105 per barrel.

The decline in oil prices alleviates some inflation concerns, which the Federal Reserve addressed with the recent rate hike, enabling bonds to rally alongside stocks rather than in opposition. Throughout the week, the cryptocurrency market has reacted similarly, moving in tandem with stock market trends rather than ahead of them.

The Zcash fund is currently attracting investments even as the two largest cryptocurrency ETFs experience outflows. Observing whether this trend continues into next week will be crucial.

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