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As the wheels of the cryptocurrency market continue to spin, Ether (ETH) and XRP (XRP) appear to be gaining traction while Bitcoin (BTC) seems to be falling slightly out of favor. In the week that ended on July 21, investment products related to Bitcoin noted a decrease in interest, experiencing their first week of outflows since the filing for a spot Bitcoin ETF by Blackrock in June.
This shift in investment preference was illuminated by CoinShares Head of Research, James Butterfill, in a report issued on July 24. The research demonstrated a $13 million outflow from Bitcoin investment products, breaking the pattern of five consecutive weeks of positive inflows.
In comparison, Ether and XRP managed to attract a combined inflow of $9.1 million during the same week. Among these two, Ether stole the limelight with inflows of $6.5 million, outperforming all other investment products in the crypto space. XRP followed suit with a respectable inflow of $2.6 million. Emerging altcoins, Solana (SOL) and Polygon (MATIC) also witnessed positive inflows of $1 million and $0.7 million, respectively.
Despite this shift, Bitcoin has not lost its crown yet. With $558 million in inflows this year alone and a whopping $25.0 billion in assets under management, Bitcoin still rules the roost, commanding 67% of the total market share. However, it has experienced a 3% price dip in the last 24 hours, with its current value standing at $29,118.
Over the past month, several financial firms have submitted applications to the SEC for Bitcoin spot Exchange Traded Fund (ETF) offerings. These institutions include industry heavyweights such as BlackRock, WisdomTree, and ARK Invest, signaling the ongoing faith in the future of Bitcoin.
