Crypto Investors Sour On Bitcoin Funds
Bitcoin investment products experienced a $13 million outflow last week, indicating investors shifted to smaller cryptocurrencies like Ethereum and Ripple’s XRP, despite previous massive inflows.
Digital asset funds experienced weekly outflows of $6.5 million, compared to $742 million inflows in the previous four weeks. This trend reversal occurred due to BTC investors running out of positive news. BlackRock filed for a spot BTC exchange traded fund on June 15, and competitors renewed applications. This news prompted investors to invest in BTC-focused investment funds at the fastest pace since October 2021.
XRP’s court victory over the SEC raised BTC’s price to a yearly high, but it quickly reverted below $30,000. This improved investor confidence in altcoins, with positive fund flows. ETH-focused investment products experienced the largest inflows among all cryptocurrencies, totaling $6.6 million. This growth suggests that sentiment for the second largest crypto asset is beginning to turn around.
(With inputs from Shikha Singh)
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