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Digital Assets Today: Bitcoin, Ethereum, and XRP Stabilize After Sell-offs Driven by Consumer Sentiment and Outflows from Exchange-Traded Funds
- Decline in Institutional and Retail Demand:
Bitcoin interest waned midweek after Bitcoin (ETFs) broke a seven-day streak of inflows. According to reports, US-listed $BTC ETFs experienced $163 million in outflows on Wednesday, with this decline extending into Thursday as investors withdrew approximately $90 million.
Capital withdrawals reflected a risk-off sentiment tied to Middle East tensions, with the United States and Israel escalating their attacks on Iran. The Iranian regime responded by launching attacks on Qatar's largest liquefied natural gas facility, located in the Strait of Hormuz, a critical oil chokepoint.
Global markets remain tense as oil and energy prices surge significantly, indicating potential long-term impacts on numerous economies.
Bitcoin $ETH ETF Flows | Source: SoSoValue
Individual investors slowed their derivatives purchases, causing Bitcoin futures open interest to decline to $47.96 billion on Friday, compared to $48.53 billion the previous day. If this decline continues, market pressure may intensify, limiting Bitcoin's upside potential.
Daily Bitcoin Futures Trading Information | Source: CoinGlass
Ethereum saw similar outflows for the second consecutive day, with investors withdrawing $136 million from spot $XRP ETFs on Thursday, compared to $56 million the day prior. Total inflows reached $11.78 billion, with assets under management at $12.47 billion.
Ethereum ETF Flows | Source: SoSoValue
Meanwhile, activity in XRP spot ETFs remained weak on Thursday and Wednesday, with no flows recorded according to SoSoValue data. Total inflows reached $1.21 billion, while average assets under management stood at $1.02 billion. This weak activity dampens institutional interest in XRP, potentially weakening sentiment and delaying price recovery.
XRP ETF Flows | Source: SoSoValue
The XRP derivatives market faces declining retail interest, with open futures contracts, reflecting the notional value of outstanding futures, declining to $2.56 billion on Friday from $2.67 billion the previous day.
Daily XRP Futures Trading Information | Source: CoinGlass