Bitcoin, Ethereum and XRP ETFs Bounce Back After Brutal Month for Crypto Funds

In brief

• Crypto exchange-traded products added more than $1 billion last week, led by Bitcoin, Ethereum, and XRP ETFs.
• The upswing came after a rough month for funds, following four weeks of outflows totaling $5.7 billion.
• Bitcoin stabilized above $90,000 late last week, but has fallen again to start the new week.

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Is the bloodshed over for crypto markets? Not quite, given that Bitcoin, Ethereum, and other major coins are all deep in the red to start the new week—but at least crypto funds finished November strong, putting up positive flows last week to break a recent losing streak.

Digital asset exchange-traded products experienced a significant reversal with $1.07 billion in inflows last week, according to data from CoinShares, following four consecutive weeks of substantial outflows totaling $5.7 billion.

Bitcoin ETFs attracted $464 million in inflows last week, while Ethereum funds saw $309 million and XRP recorded its largest weekly inflows ever at $289 million.

XRP’s recent six-week inflow streak represents 29% of its assets under management, likely linked to new US ETF launches. Conversely, Cardano experienced outflows of $19.3 million, representing 23% of its total assets held in crypto funds.

The United States dominated inflows with $994 million, while Canada contributed $97.6 million and Switzerland added $23.6 million. Germany was a notable outlier with outflows of $57.3 million. Trading volumes remained subdued at $24 billion due to the Thanksgiving holiday, contrasting sharply with the previous week’s record $56 billion.

The price of Bitcoin rebounded last week, rising above $90,000 ahead of the holiday and holding that level through much of the weekend. The improved market sentiment last week was driven in part by comments from FOMC member John Williams regarding restrictive monetary policy, CoinShares said, raising expectations for a potential interest rate cut in December.

But the renewed optimism in crypto markets didn’t last into the new week, with prices plunging late Sunday as losses accelerated overnight.

Bitcoin was recently priced at $84,917, showing a 7% drop over the last day, while assets like Ethereum, XRP, Solana, and Dogecoin are all showing deeper daily losses.