- About $6.5 million flowed out of funds tracking different cryptocurrencies last week.
- Bitcoin recorded $13 million in outflows, while Ethereum benefited from XRP-driven sentiment to record $6.6 million in inflows.
- The minor outflows follow 4 consecutive weeks of inflows.
CoinShares’ latest report on digital assets investment products suggests the industry saw minor outflows of $6.5 million over the past week. The outflows follow a consecutive four weeks of inflows that saw investors pour $742 million into different crypto investment products.
James Butterfill, Head of Research at CoinShares noted that while Bitcoin recorded the most outflows, data showed sentiment towards Ethereum investment products looks to have flipped positive.
Ethereum and XRP record inflows
As highlighted in a report published on Monday, funds tracking Bitcoin logged $13 million of outflows and short-bitcoin products recorded $5.5 million in outflows – its 13th consecutive week.
Meanwhile, Ethereum products witnessed $6.6 million in inflows, with Butterfill noting that the shift in sentiment around ETH has coincided with the recent court ruling in the Ripple Labs versus US Securities and Exchange Commission (SEC).
The price of XRP shot up following the ruling, rising more than 100% to hit highs near the much-coveted $1 level. But while XRP failed to break to the psychological 100 cents mark, it appears investor confidence in the cryptocurrency greatly benefited it.
“XRP, both prior to, and following the conclusion of the recent SEC lawsuit, has seen inflows totalling US$6.8m over the last 11 weeks representing 8% of AuM. This implies investors are increasingly confident in the outlook for XRP,” Butterfill wrote.
The positive sentiment was also replicated in Solana, Uniswap and Polygon that registered inflows of $1.1 million, $0.7 million and $0.7 million respectively.