Ether and XRP ETFs See Outflows as Bitcoin and Zcash Attract New Funds

Ether and XRP funds shed capital while Bitcoin gains

United States spot Ether exchange-traded funds (ETFs) recorded approximately $39 million in net outflows on Thursday. This marks the third day in a row that investors have withdrawn money from these funds, which are investment products that allow people to buy into crypto through a traditional stock exchange. Despite the withdrawals, the price of Ether rose by 2% to reach around $2,470.

While Ether and XRP funds lost money, Bitcoin and Zcash saw significant interest. Bitcoin ETFs attracted roughly $159 million in new capital on the same day. Zcash stood out with a 10% price increase, bringing it to about $1,488, as its sole U.S. fund brought in nearly $47 million.

Important fund flow figures

• Bitcoin ETFs: Gained $159 million in new investments on Thursday.
• Ether ETFs: Lost $39 million on Thursday, following $224 million in outflows on Wednesday and $141 million on Tuesday.
• Zcash Fund: Attracted $47 million, bringing its total monthly inflows to over $230 million.
• XRP Funds: Lost approximately $5 million, reversing a small gain from the previous day.

Crypto prices rise alongside stocks and bonds

Most major cryptocurrencies moved higher on Thursday. Solana gained 5% to reach nearly $105, and BNB rose almost 4% to about $750. Dogecoin also saw a 4% increase, while Bitcoin moved up by more than 1% to reach a price of approximately $77,216. Tron was the only major cryptocurrency that showed little to no price movement.

These gains happened at the same time as rallies in the stock and bond markets. The S&P 500 rose by 1%, its largest jump in six weeks, and the Nasdaq 100 increased by nearly 2%. These market movements followed a day after the Federal Reserve raised interest rates for the first time since 2023.

What is confirmed

Data from SoSoValue confirms that Ether ETFs have experienced three consecutive days of net outflows. It is also confirmed that the price of Zcash has risen by 10%, leading the major digital assets in performance. On the traditional market side, oil prices for Brent crude settled below $105 a barrel, which helped ease concerns about inflation.

Why this matters for crypto markets

The rise in crypto prices alongside stocks suggests that digital assets are currently trading in line with traditional financial markets. Falling oil prices are reducing inflation worries, which has allowed both bonds and stocks to rally. This environment appears to be supporting crypto prices even as certain specific investment funds, like those for Ether and XRP, see money being withdrawn.

Sources

• CoinDesk