BlackRock was once again at the forefront of ETFs. The total inflows into Bitcoin ETFs for the day were<a href="https://crypto-economy.com/bitcoin-etfs-add-251m-as-xrp-outflows-ease/" rel="noopener noreferrer" target="_blank"> </a>$186 million from IBIT and $65 million from the rest of the fund family, with no outflows. Fundamentally, more large institutions are purchasing bitcoin in amounts below $70,000 than through unregulated spot Bitcoin markets, as they continue to acquire bitcoin via regulated ETFs. Bitcoin traded at $69,400 at some point during Tuesday, finishing the day at $69,810, down 0.7% for the session. While the price of bitcoin declined on Tuesday, all bitcoin ETFs saw $250 million in inflows for the day. That's a major shift from previous days and is now a baseline for ETF inflows. <a href="https://www.ainvest.com/news/bitcoin-etf-flows-251m-inflow-917m-weekly-outflow-2603/" rel="noopener noreferrer" target="_blank">Bitcoin's total inflows for March to date are $1.56 billion</a>, with $576.6 million in outflows thus far for the month. The net inflow to bitcoin is much larger, however, because in the previous two weeks a significant number of redemptions have occurred, leading to mixed signals and disagreements between analysts as to whether institutional demand had indeed reversed. It has not; large allocators used the decline as a buying opportunity, as evidenced by the flow statistics in the last two weeks. <h2>The Goldman Position Is Not What It Sounds Like</h2> Goldman Sachs held roughly $154 million in XRP ETFs on December 31st. The largest institutional position reported was<a href="https://coincentral.com/xrp-etfs-draw-1-4-billion-as-goldman-sachs-takes-top-holding-spot/" rel="noopener noreferrer" target="_blank"> </a>$23 million at Millennium Management and $5.3 million at Logan Stone Capital. The 13F reports were released by Bloomberg ETF analyst James Seyffart who also reported Goldman's position. The term "reported" is highly significant in defining this situation. 13F forms are only reported to specific institutional investors with total assets under management (AUM) greater than $100 million — therefore any significant detail regarding retail, smaller advisory or offshore funds that make up a sizable portion of the overall holding base is omitted from these reports. Furthermore, just because Goldman is the largest 13F holder listed, it does not mean they are the largest holder in total; rather, they have simply disclosed the largest holding among the limited amount of institutional investors obligated to supply 13F reports. XRP ETFs only accounted for<a href="https://coinpedia.org/news/goldman-sachs-becomes-largest-holder-of-xrp-etf-shares-yet-xrp-price-stalls/" rel="noopener noreferrer" target="_blank"> </a>15.9% of the total AUM based on their 13F filings. This percentage is actually more significant than what Goldman stated about XRP. Solana ETF's institutional disclosure rate was 48.8% while Bitcoin's was 24% and Ether's was 27%. XRP ranks as considerably lower than all of the alternative cryptocurrency ETF products based on that metric; however, all of these resources still indicate that XRP ETFs are retail products, with one significant institutional outlier with Goldman, regardless of Goldman's position on XRP.That isn't XRP institutional adoption; that's just one bank owning a lot of retail along with a very small number of retail. <h2>XRP ETFs Are Still Bleeding</h2> Four consecutive outflow sessions. Tuesday's was 3.9 million which was less than Monday's but still a negative amount.<a href="https://www.tronweekly.com/goldman-sachs-emerges-as-largest-xrp-etf-holder/" rel="noopener noreferrer" target="_blank"> </a>Cumulatively since debut there has been a total of 1.4 billion in funds. It might seem like a large number but with XRP at 1.38 today, it's down approximately 5% in the past 30 days. The amount of total inflows is on historical data, while the amount of time since now has an inflow every day. Seyffart called this 'resiliency'. That's a charitable way to say; despite the decline in price, there have been total XRP ETF inflows of 1.4 billion. One could easily question whether there is actually resiliency or is it the same amount of slow retail capital that truly have not decided that they want to leave. The current pace has resulted in a slowing 4-day outflow streak which is far from a 'turning of the tide'. It's just that it has slowed down. A completely different factor has now come into play. On Tuesday, ether saw an inflow of (modest) $12.6 million after 3 days of redemptions. Ethereum made it above the 2,000 threshold for the second time. Most of the activity was due to Fidelity's FETH. Solana was flat 0; no inflows or outflows.<h2>What the Institutional Gap Actually Means</h2>A breakdown of the number of different types of cryptocurrency ETFs is interesting to analyse. Solana ETF filings indicate that<a href="https://www.thestreet.com/crypto/investing/goldman-sachs-now-the-largest-institutional-holder-of-xrp" rel="noopener noreferrer" target="_blank"> </a>48.8% of Solana ETF products are held by institutional investors according to the latest 13F filings. Ether and bitcoin are at 24-27% and XRP at 15.9%. The percentages are not arbitrary and track how investment managers view the purpose of each cryptocurrency. Bitcoin is tied to an institutional narrative spanning 4 decades relating to its role as a store of value or inflation hedge or digital gold. Ether is associated with building smart contracts/decentralized finance and earning staking rewards, etc. Quant desks are being attracted to Solana's performance numbers. A majority of compliance teams have been avoiding XRP's legal history and the way bitcoin has been used for cross-border payments for three years now. The amount of institutional participation has not changed as a result of Goldman's recent announcement. Goldman reported its allocation to XRP ETFs of $154 million while<a href="https://coindoo.com/goldman-sachs-leads-institutional-charge-into-xrp-etfs-with-154-million-stake/" rel="noopener noreferrer" target="_blank"> </a>retail accounts hold the balance (84%) of all XRP ETF holdings, which are not reported on 13F filings. This is the format; a single giant bank at the top; retailers below the bank; nothing else separating the two. Will the XRP (regulatory) status grow to become useful to institutions through actual flows or just be a series of press releases among banks about their connections? That really determines how quickly a middle (filled with retail customers, as banks have offered) can develop. Currently flow data does not illustrate that yet.Investing $251MM into Bitcoin on a down day is an obvious clue; another clue is Goldman being an owner of the XRP ETF is clearly different than a press release.

Bitcoin ETFs saw $251M inflows as institutions buy below $70K; Goldman leads disclosed XRP ETF holdings, but XRP remains largely retail-held with ongoing outflows.

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