Bitcoin-related investment products appear to have lost some of their luster among crypto investors, recording its first week of outflows since Blackrock filed for a spot Bitcoin ETF in June.
According to 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, 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 ~ Neutral
Current 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 a combined inflow of $9.2 million over the last week.
Butterfill noted that Ethereum investment products were the best performers 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.
The apparent change of heart follows Ripple’s partial victory against the US Securities and Exchange Commission on July 13, where the court ruled that XRP is not a security if sold through exchanges to the general public.
The news sent XRP’s price up 76% to $0.83 before cooling to $0.69 at the time of writing.
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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 applications for a Bitcoin spot Exchange Traded Fund with the SEC since mid-June, including BlackRock, ARK Invest, Fidelity, Galaxy Digital, VanEck, Valkyrie Investments, NYDIG, SkyBridge and WisdomTree.
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