XRP spot exchange-traded funds (ETFs) saw net outflows of $1.84 million last week.

On Oct. 17 (local time), blockchain media outlet U.Today reported this was the first weekly net outflow since July 7, snapping a 13-week run of inflows.

The move came as XRP price volatility increased. The XRP spot ETF market posted its weakest weekly performance in about three months, and SosoValue data showed last week’s net outflows topped $1.84 million. The flow suggests both retail and institutional investors have turned more cautious.

Markets are not viewing the outflow as merely a weekly adjustment. XRP spot ETF flows had shown steady demand for exposure by maintaining 13 consecutive weeks of net inflows, but the bullish trend broke this week. Investors are watching whether buying interest in XRP-related investment products is easing.

Price action also weighed. XRP briefly showed a chance of rebounding the previous day, but it moved back into a weaker range and retested the $1.30 level. Short-term market sentiment also came under renewed pressure.

The combination of ETF outflows and spot-price weakness is being taken as a more sensitive short-term signal. XRP spot ETFs had maintained investor demand through stable inflows until recently, but this time the first weekly net outflow was confirmed during a market downswing. The market is moving into a phase of judging whether demand for investment products is starting to weaken.

Still, what is confirmed so far is the first reversal in fund flows and a retest of $1.30. The near-term focus is expected to be on whether the outflow is a one-off or leads to consecutive outflows. The market will also watch whether XRP faces additional downward pressure around $1.30 and whether ETF flows turn back to net inflows.