XRP and Solana Attract Big Money as Ethereum Bleeds $86 Million

• XRP and Solana had inflows of $6.7 million and $6.4 million, respectively
• Bitcoin’s inflows reached $724 million, while Ethereum had an outflow of up to $86 million
• The total inflow for the US market was $632 million

Exchange-traded products (ETPs) focused on XRP and Solana were the top performers among altcoins for the week ending March 21st, according to recent data. While most other altcoin ETPs also saw positive inflows, XRP and Solana outperformed the rest of the market in this category.

XRP was the leader when it came to altcoin inflows, clocking in at $6.7 million. Solana wasn’t trailing by much, almost matching XRP with inflows of $6.4 million. Even others, such as Polygon (MATIC) and Chainlink (LINK), saw record numbers with inflows of $400,000 and $200,000, respectively.

Which Altcoins Experienced Outflows Last Week

That said, not all was great for altcoins, as Ethereum experienced big outflows summing up to $86 million. Sui (SUI), Polkadot (DOT), and Tron (TRX) suffered outflows as well – SUI and DOT with $1.3 million, while TRX had a smaller amount of $950,000.

One can’t talk about inflows and outflows for cryptocurrencies without mentioning Bitcoin. The king of cryptocurrencies led the charge with inflows reaching $724 million, which helped immensely in terms of recovery of the digital asset sector, reversing a five-week trend of net outflows.

Where is the Demand for Crypto ETPs Coming From?

Unfortunately for Ethereum, the opposite was true for the most popular altcoin, as it achieved net weekly outflows for four consecutive weeks. In regards to inflows, most of it originated in the United States, which might not be that surprising. The total inflow for the US was $632 million, mostly due to BlackRock’s iShares Bitcoin Trust (IBIT). 

Still, the US wasn’t the only one with positive market sentiment, as Switzerland saw $15.9 million in inflows, followed by Germany’s $13.9 million and Hong Kong’s $1.2 million.

What Factors Drove the Strong Performance of XRP and Solana?

Looking at XRP and Solana, the two rose up for different reasons. For instance, the former experienced a notable increase after the SEC dropped its prolonged lawsuit against Ripple Labs. On the other hand, with the US market’s first Solana futures exchange-traded funds (ETFs) available, a spot Solana ETF may very well become a possibility in the near future.

Both XRP and Solana have lots of positives to ride on as institutional interest in regulated crypto products continues to grow. The market will be closely watching how these altcoins and others adapt to the new additions.