Solana

Bitcoin

Polygon

James

Bitcoin-related investment products decline, as investor outflow is visible for the first time since Blackrock’s filing for a spot Bitcoin ETF. 
The outflow was revealed in a <a href="https://blog.coinshares.com/volume-141-digital-asset-fund-flows-weekly-report-38255b443eae" target="_blank" rel="noopener noreferrer nofollow">report </a>by James Butterfill, CoinShares’ head of research. Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) investment products saw a notable outflow of $13 million during the week ending July 21. A reversal came after five consecutive weeks of inflows. 
The overall digital asset funds also witnessed weekly outflows of $6.5 million, following four weeks of substantial inflows totaling $742 million. 
During the same period, short Bitcoin products also experienced outflows totaling $5.5 million. 
 You might also like: <a href="https://crypto.news/bitcoin-network-hits-block-800000-milestone-heres-why-it-matters/" rel="noopener noreferrer nofollow"> Bitcoin network hits block 800,000 milestone, here’s why it matters </a> 
<h2 class="wp-block-heading" id="strong-ether-and-xrp-lead-altcoin-surge-strong">Ether and XRP lead altcoin surge</h2> 
In contrast, investment products related to Ether (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) and XRP (<a href="https://crypto.news/price/xrp/" rel="noopener noreferrer nofollow">XRP</a>) 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 also garnered investor interest with an influx of $2.6 million. 
<figure class="wp-block-image size-full is-resized"> 
 <img decoding="async" src="https://crypto.news/app/uploads/2023/07/xrp.webp" alt="Bitcoin funds decline as crypto investors flock to Ether and XRP - 1" class="wp-image-14180669" width="936" height="675"> 
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 Flows by leading digital asset investment products | Source: CoinShares 
 </figcaption> 
</figure> 
Other altcoins, such as Solana (<a href="https://crypto.news/price/solana/" rel="noopener noreferrer nofollow">SOL</a>) and Polygon (<a href="https://crypto.news/price/polygon/" rel="noopener noreferrer nofollow">MATIC</a>), also witnessed some attention, tracking inflows of $1.1 million and $0.7 million, respectively. 
The latest trend reversal for BTC investors seems to be linked to a lack of positive news following some major catalysts in recent weeks. Notably, global asset management giant BlackRock <a href="https://crypto.news/blackrock-nears-bitcoin-etf-filing-partnering-with-coinbase-custody/" rel="noopener noreferrer nofollow">filed </a>for a long-awaited spot BTC exchange-traded fund on June 15, leading to increased investments in BTC-focused funds over the following month at a rate not seen since October 2021. 
Other financial institutions that have filed for Bitcoin spot ETF applications with the SEC since mid-June include ARK Invest, <a href="https://crypto.news/fidelity-submits-renewed-application-for-spot-bitcoin-etf/" rel="noopener noreferrer nofollow">Fidelity</a>, Galaxy Digital, VanEck, <a href="https://crypto.news/valkyrie-submits-application-for-spot-bitcoin-etf-partners-with-coinbase/" rel="noopener noreferrer nofollow">Valkyrie Investments</a>, NYDIG, SkyBridge, and <a href="https://crypto.news/asset-manager-wisdomtree-files-bitcoin-etf-application/" rel="noopener noreferrer nofollow">WisdomTree</a>. 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
 <div class="wp-block-embed__wrapper"> <iframe loading="lazy" title="Why XRP, Ethereum, And These Two Altcoins Are More BULLISH Than Ever" width="1020" height="574" src="https://www.youtube.com/embed/P_el8eONqZI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div> 
</figure> 
Moreover, XRP’s <a href="https://crypto.news/xrp-is-not-a-security-us-judge-rules/" rel="noopener noreferrer nofollow">partial court victory </a>over the U.S. Securities and Exchange Commission (SEC) on July 13 initially boosted BTC’s price to a yearly high before it fell below $30,000. However, this ruling improved investor <a href="https://crypto.news/bitcoin-addresses-with-over-1-btc-hit-ath-as-xrp-fuels-altcoins-rally/" rel="noopener noreferrer nofollow">confidence in altcoins</a>, as indicated by positive fund flows in the past week. 
Notably, Bitcoin continues to dominate the digital asset market, attracting $558 million in inflows in 2023. 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. 
 Read more: <a href="https://crypto.news/mcglone-predicts-bitcoin-at-100k-amid-economic-hurdles/" rel="noopener noreferrer nofollow"> McGlone predicts Bitcoin at $100k amid economic hurdles </a>

Bitcoin funds decline as crypto investors flock to Ether and XRP

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