Crypto Investors Shifting Preference: Away from Bitcoin Funds, Favoring ETH & XRP

• Crypto investors have shifted their preference away from Bitcoin-related investment products after experiencing four consecutive weeks of inflows amounting to $742 million.
• Ethereum (ETH) and XRP investment products experienced a total inflow of $9.2 million over the past week, indicating investor enthusiasm for altcoins.
• Bitcoin funds saw outflows of $13 million, ending five consecutive weeks of inflows. Short Bitcoin products also faced outflows of $5.5 million during the same week.

Crypto Investment Reversal

After experiencing four consecutive weeks of inflows amounting to $742 million, digital asset funds faced a reversal in the trend, with weekly outflows reaching $6.5 million. On the other hand, Ether (ETH) and XRP investment products experienced a different trend, as both saw a total inflow of $9.2 million over the past week.

Bitcoin Funds Outflow

Crypto investors seem to have become less interested in Bitcoin-related investment products, as they experienced their first week of outflows since Blackrock’s spot Bitcoin ETF filing in June. This news triggered a wave of competitors renewing their ETF applications, creating investor interest in BTC-focused investment funds. As a result, funds saw a rapid influx of money, marking the fastest pace of investment since October 2021. However, subsequent weeks saw a downturn in inflows with investors seemingly lacking new positive developments to continue driving their enthusiasm for Bitcoin funds witnessed an outflow of $13 million on July 21 ending five consecutive weeks of inflows while short Bitcoin products also faced outflows amounting to$5.5 million during the same week .

Altcoin Inflow

Ether (ETH) and XRP investment products were top performers , attracting total inflows worth$6 . 6million and$ 2 . 6million respectively while altcoins such as Solana (SOL) and Polygon (MATIC) also witnessed increased investor interest , recording inflowsof$ 1 . 1millionand$ 0 . 7million respectively .

Fear & Greed Index

The current Fear & Greed Index is 50 which is rated as neutral meaning that neither too much fear nor greed exists among crypto traders/investors at present time while bitcoin is currently trading at 29178$.

Conclusion
Overall it appears that crypto investors are shifting away from Bitcoin related investments towards ether and XRP as well as other altcoins such as Solana and Polygon due lack positive news driving investments following recent events regarding BTC ETF applications being renewed by competitors recently.

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