Goldman Sachs Dumped Its XRP Holdings But ETFs Still Saw $67M Inflows: What's Going On?

XRP (CRYPTO: XRP) and Solana (CRYPTO: SOL) products attracted $67.6 million and $55.1 million in inflows, respectively, last week even as Bitcoin (CRYPTO: BTC) funds bled $982 million, signaling rotation into select altcoins rather than a crypto exit.

Investors Rotating Into Selective Altcoin Exposure

Ethereum (CRYPTO: ETH) products shed $249 million in the week ended May 15, according to CoinShares, but altcoins held up notably well, with XRP, Solana, TON (CRYPTO: TON), Dogecoin (CRYPTO: DOGE), and Chainlink (CRYPTO: LINK) all attracting fresh capital.

CoinShares Head of Research James Butterfill noted that investors are looking past Bitcoin and Ethereum for selective exposure. 

The divergence comes as XRP held up better than Ethereum during the recent selloff, down 5.1% over the past week compared with Ethereum’s 7.4% drop.

Goldman Sachs Dumped All XRP And Solana ETF Holdings

Goldman Sachs Group Inc. (NYSE:GS) sold all its Solana and XRP ETF holdings in Q1, according to its 13F filing released Friday. 

The banking behemoth liquidated positions in Bitwise XRP ETF (NYSE:XRP), Franklin XRP ETF (NYSE:XRPZ), 21Shares XRP ETF (BATS:TOXR), and Grayscale XRP Trust ETF (NYSE:GXRP)—all acquired only in the previous quarter.

Goldman also dumped the entirety of its holdings in Bitwise Solana Staking ETF (NYSE:BSOL), Fidelity Solana Fund, Grayscale Solana Trust ETF, VanEck Solana ETF, Franklin Solana ETF, and 21Shares Solana ETF.

The firm maintained Bitcoin and Ethereum exposure with reduced stakes. Goldman reported holding 17.985 million shares of iShares Bitcoin Trust ETF (NASDAQ:IBIT), down from 20.685 million in the previous quarter.

XRP Breaks Below Critical 20 EMA And 50 EMA

XRP is slipping below the critical 20 EMA at $1.4142 and 50 EMA at $1.4143 for the first time since the triangle breakout. The breakout retest has pushed deeper than comfortable.

Supertrend at $1.3296 is the absolute last line of defense. Losing that level on a daily close calls the entire breakout thesis into question. 

The EMA cluster at $1.41–$1.42 has flipped from support to resistance overhead.

Critical support sits at $1.3296 Supertrend. Resistance to reclaim holds at $1.41–$1.42 EMA cluster. Next target if structure holds points to $1.4860 then $1.55. Invalidation occurs on a daily close below $1.3296.

Image: Shutterstock