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Bitcoin-related investment products appear to have lost some of their luster among crypto investors, with BlackRock registering its first week of outflows since filing for the Spot Bitcoin ETF in June.
According Bitcoin (BTC) investment products saw outflows of $13 million for the week ending July 21, reversing five weeks of inflows, according to a July 24 report by James Butterfill, head of research at CoinShares.
Short bitcoin products also saw outflows of $5.5 million for the week.
Bitcoin Fear and Greed Index is 50 ~ Neutral
Current Price: $29,178 pic.twitter.com/T1DMFpsX9p– Bitcoin Fear and Greed Index (@BitcoinFear) 25 July 2023
In contrast, Ethereum (ETH) and XRP (XRP) investment products recorded combined inflows of $9.2 million over the past week.
Butterfill noted that Ethereum investment products were the best performers last week with $6.6 million inflows, while XRP funds recorded $2.6 million inflows. Other altcoins, such as Solana (SOL) and Polygon (MATIC) saw inflows of $1.1 million and $0.7 million, respectively.
This apparent change of heart comes after Ripple’s partial victory against the United States Securities and Exchange Commission on July 13, where the court ruled that XRP is not a security when sold on exchanges to the general public.
At the time of writing, the price of XRP rose by 76% to $0.83 and then declined to $0.69.
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However, bitcoin still remains the dominant digital asset investment product, with inflows of $558 million so far in 2023 and a total of $25.0 billion in assets under management – representing 67.4% of the total market share.
The price of BTC is currently at $29,128, down 3.1% over the past 24 hours.
Over the past month, several financial institutions have filed 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.
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