{"id":2240,"date":"2023-07-25T01:36:32","date_gmt":"2023-07-25T01:36:32","guid":{"rendered":"https:\/\/solanacrypto.news\/2023\/07\/25\/crypto-investors-cool-on-bitcoin-funds-turning-to-ether-and-xrp\/"},"modified":"2023-07-25T01:36:32","modified_gmt":"2023-07-25T01:36:32","slug":"crypto-investors-cool-on-bitcoin-funds-turning-to-ether-and-xrp","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2023\/07\/25\/crypto-investors-cool-on-bitcoin-funds-turning-to-ether-and-xrp\/","title":{"rendered":"Crypto investors cool on Bitcoin funds, turning to Ether and XRP"},"content":{"rendered":"
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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<\/a>\u00a0in June.<\/p>\n

According<\/a> to a July 24 report by CoinShares\u2019 head of research, James Butterfill, Bitcoin (BTC)<\/a> investment products saw outflows of $13 million for the week ending July 21, reversing five weeks of inflows.<\/p>\n

Short Bitcoin products also saw outflows of $5.5 million in the week. <\/p>\n

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Bitcoin Fear and Greed Index is 50 ~ Neutral
Current price: $29,178 pic.twitter.com\/T1DMFpsX9p<\/a><\/p>\n

\u2014 Bitcoin Fear and Greed Index (@BitcoinFear) July 25, 2023<\/a><\/p><\/blockquote>\n

In contrast, Ethereum (ETH)<\/a> and XRP (XRP<\/a>) investment products recorded combined inflow of $9.2 million over the last week.<\/p>\n

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.\u00a0Other altcoins, such as Solana (SOL<\/a>) and Polygon (MATIC<\/a>) tracked inflows of $1.1 million and $0.7 million respectively.<\/p>\n

Flows by the top digital asset investment products. Source: CoinShares.<\/em><\/figcaption><\/figure>\n

The apparent change of heart follows Ripple\u2019s partial victory against the United States Securities and Exchange Commission on July 13, where the court ruled that XRP isn\u2019t a security<\/a> when sold on exchanges to the general public. <\/p>\n

The news spiked XRP\u2019s price up 76% to $0.83 before cooling off to $0.69 at the time of writing.<\/p>\n

Related: <\/em><\/strong>BlackRock ETF will be \u2018big rubber yes stamp\u2019 for Bitcoin \u2014 Charles Edwards <\/em><\/strong><\/a><\/p>\n

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 \u2014 amounting to 67.4% of the total market share.<\/p>\n

BTC is currently priced at $29,128, down 3.1% over the last 24 hours.<\/p>\n

Over the last month, a host of financial institutions have filed for Bitcoin spot Exchange Traded Fund applications <\/a>with the SEC since mid-June, including BlackRock, ARK Invest, Fidelity, Galaxy Digital, VanEck, Valkyrie Investments, NYDIG, SkyBridge and WisdomTree.<\/p>\n

Magazine: <\/em><\/strong>Should you \u2018orange pill\u2019 children? The case for Bitcoin kids books<\/em><\/strong><\/a><\/p>\n