Last week, Bitcoin (BTC) investment products experienced an outflow of $13 million, a stark contrast to the four weeks prior which saw massive inflows. According to crypto asset manager CoinShares, digital asset funds overall saw outflows of $6.5 million. This reversal of trend comes after some major catalysts in recent weeks, such as global asset management giant BlackRock filing for a BTC exchange-traded fund and XRP’s partial court victory over the U.S. Securities and Exchange Commission (SEC).
ETH-focused investment products enjoyed the largest inflows among all cryptocurrencies, totaling $6.6 million, said James Butterfill, head of research at CoinShares. This suggests that sentiment, which has been poor this year, is beginning to turn around. XRP funds experienced $2.6 million of inflows, totaling $6.8 million, or 8% of all assets under management inflows, over the last 11 weeks. Butterfill noted that this implies investors are increasingly confident in the outlook for XRP. Funds holding smaller altcoins such as Solana’s SOL, UniSwap’s UNI, and Polygon’s MATIC also saw positive flows of $1.1 million, $0.7 million, and $0.7 million, respectively.