XRP is losing momentum as its price continues to retest previous lows, trading as one of the worst-performing assets among the top 10 largest cryptocurrencies by market capitalization in recent days.
The negative momentum has also extended to its ETF market as the latest data from SosoValue shows that the XRP ETF market has recorded its first withdrawal in the last month.
XRP ETFs Record $3.58 Million Outflow
The data shows that the broad XRP ETFs recorded a total net outflow of $3.58 million during their last daily trading session. The total outflow was solely covered by Bitwise, one of the largest XRP ETF issuing companies.
This is not commonly seen, as the broader XRP ETF market has been resilient even when other products continued to log steady withdrawals.
Nonetheless, the withdrawals from the XRP fund have sparked concerns among market participants, suggesting that institutional investors are beginning to lose interest in the asset while trading with caution.
With Bitwise being the only fund that carried the total $3.58 million outflow, the data shows that other funds remained silent with zero activity during the trading session.
BNB Flips XRP
The withdrawal recorded by the fund came when XRP was seeing a severe price downturn, plunging to levels not seen this month.
Following its downward trajectory, XRP has significantly lost momentum and its market capitalization has declined significantly, causing it to lose its position as the fourth-largest cryptocurrency by market capitalization.
With its slowdown, BNB has outperformed XRP as XRP drops below its position, now becoming the sixth-largest cryptocurrency by market capitalization.