XRP News Today: Bitcoin ETFs End 15-Day Inflow Streak With $342M Outflow

Bitcoin ETFs experienced a notable shift, ending a 15-day inflow streak with a net outflow of $342 million. This change was primarily driven by major players Fidelity and Grayscale. Fidelity's FBTC recorded the largest single-day outflow of $172.7 million, while Grayscale's GBTC followed with $119.5 million in outflows. This development coincides with a decrease in hopes for rate cuts, which has affected investor sentiment towards Bitcoin.

In contrast, Ethereum ETFs continued their bullish trend, logging a third consecutive day of net inflows. The cumulative total net inflow for Ethereum ETFs now stands at $4.25 billion, with net assets reaching $9.95 billion. This sustained interest in Ethereum is further supported by the ongoing ETH Community Conference, which is garnering significant attention from the crypto community.

The United States Securities and Exchange Commission (SEC) has approved Grayscale’s proposal to convert its Digital Large-Cap Fund into an Exchange Traded Fund (ETF). This fund includes five major cryptocurrencies: Bitcoin, Ethereum, XRP, Solana, and Cardano. Grayscale aims to provide investors with access to the weighted prices of these underlying assets through its new ETF. The SEC is also considering streamlining the listing process for crypto ETFs, which could reduce the time and complexity involved in introducing new products to the market.

Despite the outflows from Bitcoin ETFs, Bitcoin itself has shown signs of resuming its bullish momentum. The largest cryptocurrency by market capitalization is trading around $107,665, up nearly 2% on the day. This recovery is supported by an upward-facing Relative Strength Index (RSI) and a bullish Money Flow Index (MFI) indicator. Traders are watching for a daily close above $107,000 to validate the uptrend’s strength, with movement above $108,000 likely to boost risk-on sentiment for a breakout beyond the $110,530 high tested on June 9.

Ethereum, the largest smart contracts token by market capitalization, is also showing signs of a bullish reversal. It is currently trading at around $2,449, up almost 2% on the day. The MFI indicator is approaching the midline, suggesting that bullish momentum could resume soon. A break above the immediate resistance, as reflected by the 200-day EMA at $2,468, could affirm the bullish grip. If bulls sustain gains above this level, an 18% move to June’s peak of $2,882 would be highly probable.

XRP, another major altcoin, is retesting the 50-day EMA resistance at $2.20 as bulls look forward to a technical breakout. The MFI indicator upholds a bullish outlook as it approaches the midline. Further movement toward overbought territory could boost risk-on sentiment and steady the uptrend to highs seen in June at $2.34 and May’s peak of $2.65.

The recent developments in the crypto market highlight the dynamic nature of investor sentiment and the impact of regulatory decisions on the industry. While Bitcoin ETFs saw significant outflows, Ethereum ETFs continued to attract investment, reflecting the diverse interests and strategies within the crypto community. The approval of Grayscale’s new ETF and the potential streamlining of the listing process by the SEC could further boost investor confidence and drive growth in the crypto market.