21Shares XRP ETF Assets Drop 54% as Investors Cut Losses
Sliding XRP prices and early redemptions wiped out over half the assets in 21Shares' XRP fund during the first half of the year.
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Key takeaways
- 21Shares' XRP product (TOXR) lost 54% of its assets under management in H1.
- Investor redemptions locked in $13.4 million in net losses.
- Capital flows flipped back to positive net issuance in the second quarter.
Assets in the 21Shares XRP exchange-traded product (TOXR) shrank by 54% during the first half of the year. Falling XRP prices drove most of the damage. Early investor flight made it worse.
Redemptions Lock In $13.4 Million Loss
Heavy outflows hammered the fund's share base early on. As holders scrambled to pull cash out during the slump, redemptions locked in a $13.4 million loss for the fund.
The bleeding did slow down near mid-year. Net share issuance flipped positive in the second quarter, proving that fresh capital started trickling back in despite that brutal first-half drawdown.
Why it matters
Institutional wrapper or not, single-token funds can't hide from a market slump. For XRP traders, that Q2 turn to positive net issuance shows bargain hunters will step in on deep discounts. But the massive H1 asset contraction shows how fast institutional liquidity evaporates when prices start to slide.
Source: CryptoSlate
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