Crypto Investors Cool Down on Bitcoin Funds, Turning to Ether and XRP

Bitcoin-linked funds saw outflows of $13 million in the past week, reversing five weeks of bullish inflows, according to Coinshares analyst James Butterfill.

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Bitcoin-related investment products seem to have lost some of their shine among crypto investors, seeing their first week of releases since Blackrock filed for a spot Bitcoin ETF in June.

According to a July 24 report from CoinShares head of research, James Butterfill, Bitcoin (BTC) investment products saw outflows of $13 million for the week ending July 21, wiping out five weeks of inflows.

Bitcoin short products also saw outflows of $5.5 million during the week.

Bitcoin Fear and Greed Index is 50 ~ NeutralCurrent price: $29,178 pic.twitter.com/T1DMFpsX9p

— Bitcoin Fear and Greed Index (@BitcoinFear) July 25, 2023

In contrast, Ethereum (ETH) and XRP (XRP) investment products saw a combined inflow of $9.2 million over the past week.

Butterfill noted that Ethereum investment products were the best performers last week with inflows of $6.6 million, while XRP funds saw an inflow of $2.6 million. Other altcoins, such as Solana (SOL) and Polygon (MATIC) followed inflows of $1.1 million and $0.7 million respectively.