Crypto Investors Cool Down on Bitcoin Funds, Turning to Ether and XRP

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Bitcoin-related investment products appear to have lost some of their shine among crypto investors, recording its first week of releases since Blackrock filed the Bitcoin ETF spot in June.

According to a July 24 report from CoinShares head of research James Butterfill, Bitcoin (BTC) investment products saw outflows of $13 million for the week ending July 21, wiping out five weeks of inflows.

Short Bitcoin products also saw outflows of $5.5 million during the week.

Bitcoin Fear and Greed Index is 50 ~ NeutralCurrent price: $29,178 pic.twitter.com/T1DMFpsX9p

— Bitcoin Fear and Greed Index (@BitcoinFear) July 25, 2023

In contrast, Ethereum (ETH) and XRP (XRP) investment products saw a combined inflow of $9.2 million over the past week.

Butterfill noted that Ethereum investment products were the best performers last week with inflows of $6.6 million, while XRP funds saw an inflow of $2.6 million. Other altcoins, such as Solana (SOL) and Polygon (MATIC) followed inflows of $1.1 million and $0.7 million respectively.

Flow of major digital asset investment products. Source: CoinShares.

The apparent reversal follows Ripples’ partial victory against the U.S. Securities and Exchange Commission on July 13, where the court ruled that XRP is not a security when sold on an exchange to the general public.

The news sent the price of XRP up 76% to $0.83 before cooling to $0.69 at the time of writing.

Related: BlackRock ETF will be a big yes rubber stamp for Bitcoin Charles Edwards

Bitcoin remains the dominant digital asset investment product, however, with $558 million in inflows so far in 2023 and a total of $25.0 billion in assets under management, or 67.4% of the total market share.

BTC is currently priced at $29,128, down 3.1% in the last 24 hours.

Over the past month, a host of financial institutions have filed applications for Bitcoin cash exchange-traded funds with the SEC since mid-June, including BlackRock, ARK Invest, Fidelity, Galaxy Digital, VanEck, Valkyrie Investments, NYDIG, SkyBridge, and WisdomTree.

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