Amidst the crypto market’s latest performance-a blend of high drama and financial alchemy-institutional investors have been busy, purchasing Bitcoin, Ethereum, and XRP with the enthusiasm of a man at a Black Friday sale. One might be forgiven for thinking the markets were engaged in a particularly spirited game of musical chairs, with fortunes shifting faster than a hedge fund manager’s opinions.
A Tale of Two (Three) Cryptos
CoinShares’ report, delivered with the gravitas of a Victorian sermon, reveals that Bitcoin, Ethereum, and XRP attracted net inflows of $2.67 billion, $338 million, and $61.6 million respectively. This brought total year-to-date inflows to a princely sum of $48.7 billion. BTC alone siphoned $30.2 billion, ETH $13.9 billion, and XRP a modest $1.8 billion-enough to buy a small island, if one had the inclination.
The shift in institutional favor from XRP to BTC and ETH reads like a soap opera. Just two weeks prior, XRP basked in a $93.1 million glow while BTC and ETH faced outflows of $719 million and $409.4 million. Now, the tables have turned with the elegance of a well-timed punchline.
These inflows arrived despite a market crash triggered by Trump’s “gift” of 100% tariffs on China-a policy so bold it could only be crafted by someone who once hosted a reality TV show. CoinShares noted that crypto funds shed $159 million on Friday, the day of the announcement, as investors collectively gasped and checked their portfolios.
Despite the much-hyped XRP ETF rumors, inflows into XRP have slowed, as institutions pivot back to BTC and ETH. With the U.S. government shutdown looming like a bad dinner party guest, investors are flocking to Bitcoin as a “debasement trade”-a fancy term for “hide the gold in the cigar box.”
Bitcoin’s recent rally to $126,000, a new all-time high, was swiftly undone by Trump’s tariff bombshell. One wonders if the market’s reaction was due to economics or simply the collective trauma of reliving 2016.
Outflows and the Art of Letting Go
This week has seen BTC and ETH ETFs face outflows, as if the market were collectively shrugging and whispering, “Not today, Satan.” On October 13, BTC ETFs recorded $326.52 million in outflows, with BlackRock as the lone bright spot, pulling in $60.36 million. A valiant effort, if not slightly underwhelming.
ETH ETFs fared worse, bleeding $428.52 million. BlackRock’s ETH fund led the exodus, losing $310.13 million. Other funds either limped along or stood still, like guests at a wedding who’ve forgotten the dance steps. If this trend continues, one might expect the market to respond with a yawn and a raised eyebrow.
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2025-10-14 21:59