The investment products that are related to Bitcoin have lost a bit of their luster among crypto investors. It saw the initial week of outflow after Blackrock filed for a spot in Bitcoin ETF in June.
James Butterfill, Coinshares Head of Research, gave a report on July 24 that said that products related to Bitcoin investment saw outflows of around 12 million dollars in the last week of July and revised the last five weeks of inflows. Short products of Bitcoin also saw outflows of 5.5 million dollars in that week.
In contrast to that, XRP and Ether-invested products saw a combined inflow of 3.2 million dollars in the last week. Butterfill also noticed that Ether-invested products performed the best in the last week and got an inflow of 6.6 million dollars, and XRP funds saw an inflow of 2.6 million dollars. Polygon and Altcoins Solana recorded inflows of 037 million dollars and 1.1 million dollars, respectively.
The change of heart follows the partial victory for Riipple against the US Securities And Exchange Commission on the 13th of July, where the court gave the verdict that XRP is not a security when it is sold on exchanges to the common people. This news spiked up XRP’s price by 76% to 0.83 dollars before it cooled off to 0.69 dollars.
Even after this, Bitcoin is still the commanding digital asset for investment products, with 558 million dollars in inflow, by far this year and a combined asset of 25 billion dollars in assets which is 67.4% of the total market share.
Bitcoin is currently at 29,128 dollars, which is down by 3.1% in the last 24 hours. In the last month, a host from a financial institution has filed for the Bitcoin spot Exchange Traded Fund application since mid-June with SEC, and that includes SkyBridge, Wisdom Tree, Valkyrie Investments, BlackRock, Fidelity, VanEck, ARK Invest, and Galaxy Digital.
