XRP has been one of the brightest stars in the sentiment of the online world, as Bitcoin and Ethereum experience an increasing bearish pressure.
According to recent data submitted by Santiment, XRP’s positive sentiment was suddenly increasing, whereas trader confidence in both Bitcoin and Ether reduced significantly.
XRP seems to attract more and more investors with enormous outflows of Bitcoin and Ethereum ETFs.
Source: Santiment
Bitcoin and Ethereum ETFs fighting losses
On February 4, Bitcoin ETFs experienced a drastic drop and had outflows of up to $171.5 million within just one day.
Fidelity FBTC, one of the largest losers, lost 86.44 million, and Grayscale GBTC and ARKB also recorded huge losses.
Despite the massive withdrawals, Bitcoin ETFs collectively possess 95.51 billion of assets, which is 6.35% of the market capitalization of Bitcoin.
Equally, Ethereum ETFs had difficulties of 20.53 million outflows.
The most significant loss was in Fidelity FETH, which lost the entire amount on the same day.
Consequently, Ethereum ETFs were down 5.60-5.80, and the total assets stand at the present point of 13.04 billion.
Nevertheless, Ethereum ETFs cover 4.82% of the Ethereum market capitalization.
XRP bucks trends and has a good sentiment
Despite the fact that Bitcoin and Ethereum ETFs have gone on experiencing outflows and price drops, XRP has enjoyed a market momentum.
On February 4, XRP ETFs experienced inflows amounted to $4.83 million, propelling total inflows to one billion and two hundred million.
The total assets of XRP ETFs have reached 1.07 billion, and this figure occupies 1.15% of the market cap of XRP.
This is a significant difference from the battles witnessed in Bitcoin and Ethereum.
The Franklin XRPZ ETF had the highest inflows of $2.51 million daily, then there was the XRP product offered by Bitwise at $1.72 million.
Even the TOXR of 21Shares raised more than $600,000, and it helped to increase the optimism around XRP.
Compared to the amount observed in Bitcoin and Ethereum, these figures are still small, but the upward trend is good news, with other high-ranking coins still plagued by their difficulties.
XRP options traders are breathing easy
The traders of the XRP options are also feeling very confident about the asset. Bullishly, according to Binance data on February 4, 86.87% of all XRP open interest options were call contracts.
The biggest open interest contracts were calls that expire on February 6 with the strike prices in the range of $1.70 to 2.15.
The strike of 1.70 had more than 42,000 contracts, whereas the call of 2.15 had more than 31,000 contracts.
According to these trades, traders do not anticipate a massive breakout but a small profit in the near future.
XRP is gaining growing confidence because traders are turning their eyes away from Bitcoin and Ethereum.
There is still a lack of stability in the wider crypto market, but inflows into ETFs and a significant number of call options are on XRP, indicating a possible rebound in the short-term.
With the overall market experiencing uncertainty, XRP keeps gaining the interest of traders as its sentiment increases and the inflows remain consistent.
