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At a time when institutional investors are bearish on Bitcoin (BTC) and Ethereum (ETH), <a href="https://coingape.com/glossary/altcoins" target="_blank" rel="noopener">altcoins</a> such as Solana (SOL) and XRP are seen as better alternatives. CoinShares claims further outflows from digital assets funds globally indicate a “true correction” is underway. Digital asset investment products have recorded $1.2 billion in outflows in two weeks. 
<h2 id="crypto-assets-saw-second-consecutive-week-of-selloff">Crypto Assets Saw Second Consecutive Week Of Selloff</h2> 
The $1.2 billion outflow from digital asset investment globally reflects pessimism amongst institutional investors for interest rate cuts by the US FED this year. Digital asset investment products recorded $584 million outflow in a week, according to a <a rel="nofollow" href="https://blog.coinshares.com/volume-188-digital-asset-fund-flows-weekly-report-2582269d7257" target="_blank">CoinShares</a> report on June 24. 
<img decoding="async" class="aligncenter" src="https://miro.medium.com/v2/resize:fit:963/1*xEAaXo7_Nkd9gtJAk2h4Bw.png" width="725" height="729"> 
James Butterfill, head of research at CoinShares, said “Bitcoin was the primary focus, seeing US$630m in outflows, but recent negative sentiment has not seen investors add to short positions. Multi-asset products saw US$98m inflows, suggest investors seen the weakness in the altcoin market as a buying opportunity.” 
The selloff mostly came from investors in the United States and Canada, accounting for $475 million and $109 million, respectively. They are followed by Germany, <a href="https://coingape.com/tag/hong-kong" target="_blank" rel="noopener">Hong Kong</a>, and Sweden. Interestingly, Switzerland and Brazil defied the selloff and saw inflows of $39 million and $48.5 million, respectively. 
Also Read: <a title="Crypto Market Crash: Here’s Why Bitcoin, Ethereum, XRP, SHIB Are Falling Today" href="https://coingape.com/crypto-market-selloff-heres-why-bitcoin-ethereum-and-altcoins-are-falling-today/" target="_blank" rel="bookmark noopener">Crypto Market Crash — Here’s Why Bitcoin, Ethereum, XRP, SHIB Are Falling Today</a> 
<h2 id="solana-and-xrp-recorded-buying">Solana and XRP Recorded Buying</h2> 
Altcoins such as Solana, XRP, Litecoin and Polygon saw inflows as Bitcoin, Ethereum and Cardano remained under selling pressure. Bitcoin price fell under $61k and Ethereum below $3,300, both recording a dip of 5% in the past 24 hours. 
Solana recorded $2.7 million in buying by investors in a week. <a href="https://coingape.com/price/solana" target="_blank" rel="noopener">SOL price</a> currently trades at $125, down 6% today amid a market-wide selloff. The 24-hour low and high are $123.67 and $134.22, respectively. 
Meanwhile, XRP saw $0.7 million in investments in a week. <a href="https://coingape.com/price/xrp" target="_blank" rel="noopener">XRP price</a> fell 2% in the past 24 hours, with the price currently trading at $0.475. The 24-hour low and high are $0.469 and $0.485, respectively. Furthermore, the trading volume has increased by 165% in the last 24 hours. 
Also Read: <a href="https://coingape.com/political-memecoins-might-be-biggest-winner-in-trump-vs-biden-debate/" target="_blank" rel="noopener">Political Memecoins Might Be Biggest Winner In Trump Vs Biden Debate</a> 
The post <a href="https://coingape.com/institutional-investor-sells-bitcoin-ethereum-worth-690m-buys-xrp/">Breaking: Institutional Investors Sell Bitcoin, Ethereum Worth $690M, Buys XRP</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Breaking: Institutional Investors Sell Bitcoin, Ethereum Worth $690M, Buys XRP

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