Bitcoin-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 ETF in June.According to a July 24 report by CoinShares’ head of research, James Butterfill, Bitcoin (BTC) investment products saw outflows of $13 million for the week ending July 21, reversing five weeks of inflows.Short Bitcoin products also saw outflows of $5.5 million in 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 recorded combined inflow of $9.2 million over the last week.Butterfill noted that Ethereum investment products were the best performer last week with inflows of $6.6 million, while XRP 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 isn’t a security when sold on exchanges to the general public. The news spiked XRP’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 — Charles Edwards Bitcoin 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 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.Magazine: Should you ‘orange pill’ children? The case for Bitcoin kids books
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