$XRP spot exchange-traded funds have recorded a substantial $7.29 million net outflow.
This is the most significant single-day loss that these funds have recorded since March.
The Bitwise factor
Notably, a single fund for the unfortunate outflows. The Bitwise $XRP ETF fully absorbed the $7.29 million net redemption.
However, despite bleeding capital during the mid-week trading session, the broader outlook for the Bitwise product remains rather positive.
The fund's cumulative historical net inflow still sits at an impressive $494 million.
However, it has lost only a fraction of the total capital it has attracted since its inception.
Reen volatility
The July 8 outflow snapped a period of relative calm and positive momentum for $XRP investment ETFs. As reported by U.Today, these products had shown impressive resilience despite all the bleeding that Bitcoin and Ethereum vehicles had suffered.
The preceding two trading days, July 6 and July 7, saw completely flat flows with zero net movement. Before the weekend, the funds actually logged a solid $6.55 million net inflow on July 2, which itself followed a minor $1.86 million outflow on July 1.
On June 29, the funds pulled in a massive $15.34 million, building on an equally impressive $15.63 million net inflow recorded just days prior on June 26.
A drop in the bucket
The recent $7.29 million dip pales in comparison to the massive capitulation event witnessed on January 29, when $XRP spot ETFs lost a staggering $93 million in a single brutal trading session.
Despite the recent bumps in the road, cumulative net inflows across all approved $XRP spot ETFs continue to hover around a healthy $1.40 billion mark.