XRP and Solana experienced a strong weekend as both led the way in altcoin-based exchange-traded products (ETPs) inflows. According to data from CoinShares, XRP saw a significant $6.71 million inflow on Friday, March 21, while Solana followed closely with $6.44 million. Other altcoins such as Polygon (MATIC) and Chainlink (LINK) received much smaller amounts, with $400,000 and $200,000, respectively.
Ethereum Sees Major Outflows
Ethereum, on the other hand, faced a tough week, with investors pulling a massive $86 million from the cryptocurrency, making it the largest loser in terms of outflows. In addition, smaller cryptos like Sui (SUI) and Polkadot (DOT) experienced minor losses, with $1.3 million and $950,000, respectively. Despite these setbacks, the overall crypto market made a recovery, bringing in a total of $644 million after five consecutive weeks of losses.
A key contributor to this rebound was Bitcoin, which saw an influx of $724 million, ending its five-week losing streak. The funds primarily came from the United States, which contributed $632 million, largely driven by BlackRock’s iShares Bitcoin Trust (IBIT). Other countries such as Switzerland, Germany, and Hong Kong also experienced smaller inflows, while Canada and Sweden saw more money leaving the market.
Solana Gains Traction with Potential ETF Launch
While Ethereum struggled, Solana gained traction, partly due to the U.S. preparing to launch its first Solana futures exchange-traded fund (ETF). This move could pave the way for a spot Solana ETF in the future, further driving interest in the asset.
XRP’s Positive Outlook Following Legal Victory
For XRP, the boost came after Ripple won its legal battle against the U.S. Securities and Exchange Commission (SEC). The SEC dropped its lawsuit against Ripple, clearing a major hurdle for the company. This resolution likely restored investor confidence in XRP, leading to the significant inflows it saw last week.
Conclusion: A Shift in Crypto Investment Dynamics
While Ethereum faced significant outflows, XRP and Solana’s strong performances highlight a shift in investor sentiment. The launch of new financial products, such as Solana’s upcoming ETF, and Ripple’s legal victory, have created an environment where these altcoins are gaining more attention, potentially positioning them for further growth in the coming months.
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