Bitwise's XRP ETF Sees Outflows as Ripple Price Slumps

Bitwise's XRP ETF has seen investors step back as the price slump of XRP triggers fresh outflows. The fund, which tracks the performance of the cryptocurrency Ripple (XRP), saw significant redemptions in November and December, according to a report from TipRanks. This comes after the price of XRP declined by nearly 70% over the past year.

The Bitwise 10 Large Cap Crypto Index ETF, which includes XRP as one of its components, has seen a steady decline in net inflows since October. In November and December, the fund experienced significant outflows, totaling $34 million and $20 million, respectively. This is despite the fact that the overall market for cryptocurrency exchange-traded funds (ETFs) has seen growth.

The decline in XRP's price has been a major contributor to the outflows from Bitwise's ETF. XRP, which is used as a bridge currency between different blockchain networks, saw its price fall by 67% over the past year. This decline has made investors wary of investing in the cryptocurrency.