BTC Investment Products Experience Outflow, Ether and XRP See Inflow
Bitcoin-related investment products have seen a notable outflow for the first time since Blackrock’s filing for a spot Bitcoin ETF. BTC investment products experienced an outflow of $13 million, following five consecutive weeks of inflows. Additionally, digital asset funds saw weekly outflows of $6.5 million. In contrast, investment products related to Ether (ETH) and XRP (XRP) recorded a combined inflow of $9.2 million over the past week. Ether emerged as the top performer, attracting $6.6 million in inflows, while XRP funds garnered $2.6 million. Other altcoins, such as Solana (SOL) and Polygon (MATIC), also witnessed inflows of $1.1 million and $0.7 million, respectively.
Trend Reversal for BTC Investors and Positive News Impact
The recent trend reversal for BTC investors may be attributed to a lack of positive news following major catalysts in recent weeks. The filing of a spot BTC ETF by BlackRock on June 15 led to increased investments in BTC-focused funds, but the lack of further developments may have impacted investor sentiment. Moreover, XRP’s partial court victory over the SEC initially boosted BTC’s price before it fell below $30,000, improving investor confidence in altcoins.
BTC Dominates the Market Despite Outflow
Bitcoin continues to dominate the digital asset market, attracting $558 million in inflows this year. Its total assets under management amount to $25 billion, accounting for 67.4% of the total market share. At the time of writing, BTC is exchanging hands at $29,186, experiencing a 2% drop over the last 24 hours.
Hot Take: The recent outflow in BTC investment products may be a temporary setback amidst the constant fluctuations in the cryptocurrency market. The inflows in altcoins demonstrate that investors are exploring opportunities beyond BTC.
By
By
By
By
By