On the same day that the newly launched XRP ETF recorded a historic high in net inflows in 2025, the more traditional Bitcoin and Ethereum funds faced one of their worst moments in terms of fundraising.

On Thursday (13), the 11 spot Bitcoin ETFs had outflows close to $867 million — the second largest negative volume since their creation 22 months ago. The nine Ethereum funds lost another $260 million, according to data from the British manager Farside Investors.

This movement coincided with a turbulent scenario for cryptocurrencies: Bitcoin fell below $98,500 for the first time in over six months, being about 20% below the historical peak reached in October, according to CoinGecko. The following morning, the decline deepened, bringing BTC to below $97,000. Ethereum and Solana also did not escape, hitting their lowest levels in the last four and five months, respectively, amid the risk aversion that also affected technology stocks, pressured by the unstable economic and political environment in the United States.

BlackRock leads the losses

The iShares Bitcoin Trust (IBIT) from BlackRock — the largest spot Bitcoin ETF, with over $80 billion under management — was the hardest hit, recording outflows of over $250 million. The Fidelity Wise Origin Bitcoin Fund (FBTC), the second largest in the category, lost more than $119 million.

The weakening interest in these products had already been emerging: IBIT has accumulated losses exceeding $1 billion in the last 13 trading sessions, while FBTC has seen withdrawals of over $681 million.

Positive debut of the XRP ETF

In contrast, the XRP ETF (XRPC) from Canary Capital debuted strongly, moving $58 million on its first trading day — the best initial performance among all funds launched this year.

The intensity of the investments drew attention, as Bloomberg's ETF analyst, Eric Balchunas, had initially estimated something around $17 million for XRPC. However, the fund surpassed this amount in just 30 minutes and even managed to slightly outperform the Bitwise Solana Staking ETF (BSOL), which was launched two weeks ago with $57 million.

BSOL, for its part, has already accumulated over $550 million in net fundraising, although last Thursday it recorded only $1.5 million in new investments.