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Bitcoin (
$62,338.00 ) -related investment products appear to have lost some of their sheen among crypto investors, recording its first week of outflows since Blackrock filed for spot Bitcoin ( $62,338.00 ) ETF in June.
According to a July 24 report by CoinShares’ head of research, James Butterfill, Bitcoin ( $62,338.00 ) (BTC) investment products saw outflows of $13 million for the week ending July 21, reversing five weeks of inflows.
Short Bitcoin ( $62,338.00 ) products also saw outflows of $5.5 million in the week.
Bitcoin ( $62,338.00 ) Fear and Greed Index is 50 ~ Neutral
Current price: $29,178 pic.twitter.com/T1DMFpsX9p
— Bitcoin ( $62,338.00 ) Fear and Greed Index (@ Bitcoin ( $62,338.00 ) Fear) July 25, 2023
In contrast, Ethereum (
$1,630.34 ) (ETH) and XRP (
$0.00 ) ( XRP ( $0.00 ) ) investment products recorded combined inflow of $9.2 million over the last week.
Butterfill noted that Ethereum ( $1,630.34 ) investment products were the best performer last week with inflows of $6.6 million, while XRP ( $0.00 ) funds recorded an inflow of $2.6 million. Other altcoins, such as Solana (SOL) and Polygon (MATIC) tracked inflows of $1.1 million and $0.7 million respectively.
Flows by the top digital asset investment products. Source: CoinShares.
The apparent change of heart follows Ripple’s partial victory against the United States Securities and Exchange Commission on July 13, where the court ruled that XRP ( $0.00 ) isn’t a security when sold on exchanges to the general public.
The news spiked XRP ( $0.00 ) ’s price up 76% to $0.83 before cooling off to $0.69 at the time of writing.
Related: BlackRock ETF will be ‘big rubber yes stamp’ for Bitcoin ( $62,338.00 ) — Charles Edwards
Bitcoin ( $62,338.00 ) however still remains the dominant digital asset investment product, with $558 million in inflows so far in 2023 and a total of $25.0 billion in assets under management — amounting to 67.4% of the total market share.
BTC is currently priced at $29,128, down 3.1% over the last 24 hours.
Over the last month, a host of financial institutions have filed for Bitcoin ( $62,338.00 ) spot Exchange Traded Fund applications with the SEC since mid-June, including BlackRock, ARK Invest, Fidelity, Galaxy Digital, VanEck, Valkyrie Investments, NYDIG, SkyBridge and WisdomTree.
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