Franklin Templeton sparked movement in the U.S. XRP ETF market with a $592,470 capital inflow, breaking a three-day dry spell. This pushed the total assets above $1 billion while XRP hovered near $1.09. Meanwhile, Shiba Inu's token burn rate exploded by 9,241%, with 2.8 billion tokens sent to a dead address in just one week. Despite the massive burn, SHIB’s price slipped 6.55%, currently trading around $0.00000465 as whale investors took profits.
ETF Activity and Market Impact
The recent inflow into spot XRP ETFs ended a complete standstill that lasted three trading sessions, signaling renewed investor interest amid ongoing regulatory uncertainty linked to the U.S. CLARITY Act. This act has been a focal point for XRP’s market sentiment, affecting ETF flows and price stability. The inflows helped stabilize XRP’s price just above the $1 mark, giving the sector a total net asset value exceeding $1 billion.
Shiba Inu Burn and Musk’s X Money Launch
Shiba Inu’s token burn reached unprecedented levels, with a 9,241% increase in burn rate over the past week. However, this aggressive token destruction did not translate into price gains, as whales capitalized on the burn rally to sell off holdings, pressuring SHIB’s price downward. On another front, Elon Musk unveiled the X Money payment platform in the U.S. It offers a 6% yield on accounts and includes FDIC-insured cash sweeps. Dogecoin and Bitcoin were excluded from this payment system, surprising many given Musk’s previous endorsements of cryptocurrencies.
Bitcoin is also showing signs of strain, with its support around $63,800 weakening ahead of the Federal Reserve’s rate decision expected on July 29. Spot BTC ETFs saw an outflow of $11.64 million as traders price in a 34% 40% chance of a rate hike, adding pressure to the market's defensive stance.
This material is for informational purposes only and does not constitute financial advice.
