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HomeNewsThe Tides are Turning: Ether and XRP Take the Lead Over Bitcoin...

The Tides are Turning: Ether and XRP Take the Lead Over Bitcoin Funds

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  • Bitcoin investment products recorded their first outflows since mid-June, indicating a change in investor preferences.
  • In contrast, Ether and XRP investment products reported combined inflows of $9.2 million over the past week.

Ether and XRP Emerge as New Investment Magnets

A noticeable shift has occurred in the world of cryptocurrency investment as investors seem to diverge from Bitcoin-related funds, showing an inclination towards Ether and XRP instead. A report from CoinShares reveals a withdrawal of $13 million from Bitcoin investment products during the week ending on July 21, halting the trend of inflows that had prevailed for the past five weeks.

This investor reorientation has coincided with an increase in the inflows for Ether and XRP investment products, which reported a combined inflow of $9.2 million within the same timeframe. The leading performers during this period were Ether investment products, enjoying inflows of $6.6 million, while XRP funds saw an inflow of $2.6 million. Altcoins such as Solana and Polygon also attracted inflows of $1.1 million and $0.7 million, respectively.

The shift in investor sentiment occurred against a backdrop of legal victories for XRP, where the court determined that XRP doesn’t qualify as a security when sold on exchanges to the general public. This ruling prompted a 76% price surge for XRP, signaling a boost in investor confidence in altcoins.

Bitcoin: Still a Player but Losing its Dominance

Despite the recent outflows, Bitcoin continues to maintain a significant footprint within the digital asset investment landscape. So far in 2023, it has recorded $558 million in inflows and holds a total of $25.0 billion in assets under management, which equates to a substantial 67.4% of the total market share.

However, it’s essential to note that Bitcoin’s price, currently at $29,128, is down by 3.1% over the past 24 hours. This decline and the recorded outflows may be indicative of a cooling interest among investors, who seem to be exploring the potential returns from other digital assets like Ether and XRP.

Over the past month, several financial institutions have filed for Bitcoin spot Exchange Traded Fund applications with the SEC since mid-June, with firms such as BlackRock, ARK Invest, Fidelity, Galaxy Digital, VanEck, Valkyrie Investments, NYDIG, SkyBridge, and WisdomTree leading the pack. This rising institutional interest in Bitcoin serves as a crucial counterbalance to the recent shift in retail investor preferences, indicating that the crypto investment landscape is fluid and ever-evolving.

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Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: info@ethnews.com Phone: +49 160 92211628
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