Outflows from cryptocurrency investment products from July 15 to 21 amounted to $6.5 million versus inflows of $137.4 million a week earlier. Analysts at CoinShares provided this assessment.
Over the previous four weeks, inflows reached $742 million — the largest wave since Q4 2021.
Trading activity halved — to $1.2 billion.
Investors’ focus on digital gold remained broadly unchanged. Outflows from Bitcoin products totaled $13 million versus inflows of $139.8 million a week earlier.
From structures that allow shorting the first cryptocurrency, clients withdrew $5.5 million vs $3.2 million in the previous reporting period. Negative momentum continued for the thirteenth straight week. The share of AUM of such products relative to the “long” alternatives for digital gold fell to 0.4%, the lowest since June 2022.
Ethereum funds posted inflows of $6.6 million versus outflows of $1.6 million in the previous period. Analysts say investors’ attitude toward the asset has “gradually changed”.
In other altcoins, positive momentum was also observed. The exception was basket-based products, which saw outflows of $0.4 million.
Funds based on Solana, Uniswap and Polygon attracted $1.1 million, $0.7 million and $0.7 million respectively. Inflows into XRP-products accelerated from $0.1 million a week earlier to $2.6 million.
Catalyst was a partial victory for Ripple in the court against SEC. That day XRP rose by 24% in an hour. Over the last 11 weeks inflows into XRP-based products reached $6.8 million (about 8% of AUM).
Earlier, SEC Chair Gary Gensler stated that the agency was “disappointed” with the decision regarding retail investors, but “quite” satisfied with the verdict regarding institutional sales.
John Reed Stark, a former SEC lawyer, called the Ripple court verdict “fragile”. He did not rule out that the agency would appeal the ruling and that a higher court might overturn previous decisions. Later, the SEC hinted at an appeal.