XRP’s familiarity helps push ETFs past $1B assets: Exec

Ciaran Lyons 1 minute ago XRP’s familiarity helps push ETFs past $1B assets: Exec XRP has a “number of reasons” that are attracting traditional investor dollars, which has helped to push XRP ETFs over $1 billion in assets, says CF Benchmarks CEO Sui Chung. Listen 0:00 News COINTELEGRAPH IN YOUR SOCIAL FEED XRP exchange-traded funds have surpassed $1 billion in assets due to long-standing recognition of the token among mainstream market participants, combined with its strong price performance over the past few years, says a crypto executive. It comes as spot Ether ( ETH ) ETFs continue to post outflows, while spot Bitcoin ( BTC ) ETFs have recorded choppy performance over the past week. “Many investors are taking a position in XRP because of the familiarity. It has a long track record,” Sui Chung, the CEO of crypto price index provider CF Benchmarks told CNBC on Wednesday. XRP’s 3-year return not unnoticed by investors Chung said that XRP’s multi-year performance has also played a role in attracting capital. “Obviously, price performance has been pretty impressive over the past three or four years, so there are a number of reasons that it’s attracting investor dollars,” he said. CF Benchmarks CEO Sui Chung spoke to CNBC on Wednesday. Source: CNBC XRP ( XRP ) is trading at $1.81 at the time of publication, and while it is up approximately 417% since 2022, it is down 22.81% since Jan. 1, according to CoinMarketCap. Spot XRP ETF has seen $423.27 million in inflows since Nov. 14, according to CoinGlass, and recently surpassed $1 billion in assets under management, data from SoSoValue shows. The five major XRP ETF issuers, Canary Capital, 21Shares, Grayscale Investments, Bitwise Asset Management, and Franklin Templeton, currently have $1.14 billion in AUM. Solana narrative is starting to be better understood Meanwhile, Chung said that investors are beginning to better understand the investment case for Solana ( SOL ), helping drive recent inflows into spot Solana ETFs. Over the past nine days, spot Solana ETFs have posted $102.8 million in net inflows, according to CoinGlass. “The understanding that traditional investors have of Solana and the types of applications that run on Solana, the types of fees that Solana has and the daily active users makes for a pretty compelling reading,” he said. Related: XRP’s ‘bearish’ setup may crash price below $1: Analyst Rising demand for Solana and XRP spot ETFs comes as the two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, have experienced more volatile trading in their US-based ETF products. Spot Ether ETFs have recorded five consecutive days of outflows totaling $533.1 million, according to Farside. However, spot Bitcoin ETFs have recorded choppier performance over the same period. On Thursday, US spot Bitcoin ETFs logged $457.3 million in inflows, recouping part of the $634.8 million in outflows seen over the prior two sessions. Magazine: Big questions: Would Bitcoin survive a 10-year power outage? # Adoption # XRP # Solana # Regulation Add reaction