Digital asset investment products recorded $6.5 million in outflows this week after four consecutive weeks of inflows totaling $742 million. Coin stocks reported on July 24.
This week’s outflows break the longest streak of inflows since late 2021, coinciding with the recent market decline that saw the price of Bitcoin (BTC) hit its lowest value since June 21.
Coinshares further reported that trading volume for the week ending July 21 was $1.2 billion, below the year’s weekly average of $1.4 billion and significantly lower than the $2.4 billion recorded in the week ending July 14.
Ethereum and XRP see entries.
Over the past week, Ethereum (ETH) investment products topped the leaderboard for inflows seeing $6.5 million in inflows.
James Butterfill, head of research at Coinshares, wrote that inflows suggest that sentiment around the asset may be changing. Since the beginning of the year, ETH has seen outflows of $68 million according to the year-to-date metric.
Meanwhile, XRP saw inflows of $2.6 million during the period, bringing its year-to-date inflow to $10 million.
Coinshares noted that investor confidence in XRP has increased following Ripple’s partial victory against the US Securities and Exchange Commission (SEC). According to the firm, digital asset investment products saw an inflow of $6.8 million over 11 weeks.
Other altcoins, including Solana (SOL), Polygon (MATIC), and Uniswap (UNI), recorded small inflows at $1.1 million, $0.7 million, and $0.7 million, respectively.
Bitcoin dominates the exits
After weeks of dominant inflows, investors withdrew $13 million from Bitcoin investment products. In comparison, the short BTC investment product continued its outflows with $5.5 million in flows to mark the 13th consecutive week.
Assets under management for short bitcoin investments are now $103 million. At its peak, it accounted for 1.4% of all Bitcoin investment products. It has now fallen to 0.4%.
Coinshares stated that the outflows were largely due to negative sentiment in the North American market, where 99% of the $21 million in outflows came from. But inflows of $12 million in Switzerland and $1.9 million in Germany were able to offset the impact.
After Bitcoin sees first exits in a month after Ethereum, XRP enjoys investor confidence appeared first on CryptoSlate.