Net outflows have occurred in the XRP spot exchange-traded fund (ETF) market for the first time in about a month.

On Aug. 6 (local time), blockchain outlet The Crypto Basic reported that a total of $3.58 million flowed out of XRP spot ETFs on Aug. 5. The entire outflow came from Bitwise’s XRP spot ETF.

The outflow marked the first negative reading since July 8. XRP spot ETFs had generally continued daily net inflows, but on the day all other XRP spot ETF products besides Bitwise were flat.

Still, it is difficult to say demand for XRP spot ETFs has weakened overall. Cumulative net inflows into XRP spot ETFs were tallied at $1.51 billion, and assets under management (AUM) stood at $993.38 million. Bitwise kept its position as the largest XRP spot ETF manager with cumulative net inflows of $507.33 million, followed by Canary at $468.12 million and Franklin at $425.97 million.

On the same day, fund flows diverged more clearly between bitcoin and ethereum spot ETFs. Bitwise’s bitcoin spot ETF recorded net inflows of $10.56 million, and its ethereum spot ETF also received $1.37 million. Together, the two products totaled about $12 million. That confirmed a shift in which funds leaving XRP spot ETFs moved to bitcoin and ethereum spot ETFs.

The bitcoin spot ETF market posted net inflows of $244.42 million on Aug. 5. That extended a positive run to three straight sessions. BlackRock’s iShares Bitcoin Trust (IBIT) drew the most at $196.83 million, lifting cumulative net inflows to $60.96 billion. VanEck, by contrast, recorded net outflows of $14.67 million, making it the only major ETF on the day to see money leave.

So far this week, bitcoin spot ETFs have recorded net inflows of about $626 million. Total AUM for bitcoin spot ETFs is $79.21 billion. After net outflows of $265.37 million on July 31, inflows resumed with about $170 million on Aug. 3, $211.49 million on Aug. 4 and $244.42 million on Aug. 5.

Ethereum spot ETFs showed the same pattern. Net inflows on Aug. 5 were $60.86 million, marking a second straight positive session. BlackRock’s ETHA brought in $50.34 million, and ETHB added $4.94 million. Institutional funds also appear to be flowing steadily into ethereum products.

Against that backdrop, ETF fund movements on Aug. 5 showed clear differences in investment demand by asset. XRP spot ETFs continued to maintain cumulative net inflows, but on the day money flowed more strongly into bitcoin and ethereum ETFs than into XRP in Bitwise’s products.

Even products from the same manager saw fund flows diverge depending on the underlying asset. In the U.S. spot ETF market, differences in price movements and investment demand by asset are being directly reflected in fund shifts.