Key facts
- XRP ETFs have seen 17 consecutive days of inflows.
- Bitcoin ETFs experienced 11 consecutive days of outflows.
- Ethereum ETFs recorded 15 consecutive days of outflows.
- Nearly $1.84 billion in crypto leveraged positions were liquidated in 24 hours.
- Long positions accounted for $1.66 billion of the total liquidations.
- Geopolitical tensions and rising oil prices are cited as triggers for the sell-off.
XRP exchange-traded funds (ETFs) have seen 17 consecutive days of inflows, attracting $4.13 million on June 1. This contrasts sharply with Bitcoin and Ethereum ETFs, which experienced outflows of $483.7 million and $44.4 million respectively on the same day. This divergence in ETF flows occurs as the broader crypto market faces significant headwinds, marked by the largest liquidation event since February 5, with nearly $1.84 billion in leveraged positions wiped out in 24 hours. Long positions bore the brunt of these liquidations, totaling $1.66 billion, with Bitcoin longs alone accounting for $883.66 million. Market analysts attribute the sell-off to geopolitical tensions, particularly concerning the U.S.-Iran conflict and its impact on oil prices, alongside continued outflows from Bitcoin ETFs totaling $3.5 billion over the last 10 trading days. Despite the price drops and liquidations, Bitcoin's open interest has risen, suggesting new bearish bets are forming. Concurrently, Wintermute reports that long-term institutional funds are purchasing Bitcoin through over-the-counter tranches, viewing current levels as attractive over an 18-month horizon. This OTC activity indicates continued demand from large investors even as public market flows have weakened across crypto investment products. Wintermute places downside support for Bitcoin near the $60,000 to $65,000 range, noting that crypto has lagged other markets for two consecutive weeks. Since the launch of spot Bitcoin ETFs, institutions have absorbed approximately 1.63 million BTC, representing about 12.7% of the circulating supply, despite recent ETF outflows.