• 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 .
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$.