XRP and Solana Lead Crypto Inflows as Ethereum Struggles

XRP and Solana had a great weekend as they brought in the most money among altcoin-based exchange-traded products (ETPs). 

According to CoinShares, on Friday, March 21, XRP pulled in $6.71 million, and Solana wasn’t far behind with $6.44 million. Other altcoins got some attention too, but not nearly as much. Polygon (MATIC) got $400,000, and Chainlink (LINK) received $200,000.

Ethereum outflows slow down altcoin ETPs | Source: CoinShare

However, Ethereum (ETH) had a rough time. Investors pulled out a massive $86 million, making it the biggest loser of the week. Other cryptos like Sui (SUI) and Polkadot (DOT) lost $1.3 million, while Tron (TRX) saw $950,000 in outflows. But still, the crypto market as a whole bounced back despite the outflow, bringing in a total of $644 million after five straight weeks of losses.

A reason for this comeback is because of Bitcoin. It brought in $724 million over the week, breaking its own five-week losing streak. This was the biggest amount of funds flowing into Bitcoin since January. 

Most of this came from the United States, which contributed $632 million, mainly thanks to BlackRock’s iShares Bitcoin Trust (IBIT). Other countries also saw some gains, like Switzerland ($15.9 million), Germany ($13.9 million), and Hong Kong ($1.2 million). On the other hand, Canada and Sweden lost more money than they gained.

Countries crypto inflow and outflow | Source: CoinShare

Even though Ethereum struggled, XRP and Solana held strong. Solana is getting more attention as the U.S. gears up to launch its first Solana futures exchange-traded fund (ETF), which could lead to a spot Solana ETF in the future.

For XRP, the good news came after Ripple won a legal battle against the U.S. Securities and Exchange Commission (SEC). The SEC dropped its lawsuit against Ripple , which likely made investors feel more confident about XRP, leading to more money flowing in.