XRP and Solana saw the highest inflows among altcoin-based exchange-traded products (ETPs) in the week ending March 21, with $6.71 million and $6.44 million, respectively, according to CoinShares. Other altcoins had smaller inflows, including Polygon with $400,000 and Chainlink with $200,000. Meanwhile, Ethereum-based ETPs faced $86 million in outflows, marking the fourth consecutive week of investor pullback.
Despite Ethereum’s losses, the digital asset market ended a five-week streak of net outflows, bringing in $644 million. Bitcoin led the recovery, attracting $724 million in inflows—its largest since January. The bulk of this came from the U.S., where BlackRock’s iShares Bitcoin Trust (IBIT) played a significant role, contributing to the country’s total inflows of $632 million. Switzerland recorded $15.9 million, Germany saw $13.9 million, and Hong Kong added $1.2 million. Meanwhile, Canada and Sweden experienced net outflows.
Ethereum’s poor performance weighed on the altcoin market, with other assets also seeing losses. Sui and Polkadot each had $1.3 million in outflows, while Tron lost $950,000. However, Solana’s strong inflows come amid anticipation of the first Solana futures ETF in the U.S., which could eventually pave the way for a spot Solana ETF.
XRP also benefited from regulatory developments. The Securities and Exchange Commission (SEC) dropped its lawsuit against Ripple Labs, a case that had been ongoing for years. This decision likely increased investor confidence in XRP, contributing to its strong inflows for the week.
Bitcoin ETFs have been a major focus of the market, particularly with the SEC’s shifting stance on spot ETFs. Initially, futures-based Bitcoin ETFs gained approval due to the regulated nature of the Chicago Mercantile Exchange, which eased concerns over market manipulation. However, a lawsuit from Grayscale challenged the SEC’s rejection of spot Bitcoin ETFs, forcing regulators to reconsider. This led to the eventual approval of spot Bitcoin ETFs, a move that has significantly impacted investor sentiment.
Bitcoin’s strong inflows helped stabilize the digital asset market despite Ethereum’s ongoing struggles. While the altcoin sector as a whole was dragged down by Ethereum’s losses, XRP and Solana stood out as exceptions, benefiting from legal and market developments.
