Outflow from Bitcoin funds accelerates

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Outflows from cryptocurrency investment products from July 22 to July 28 amounted to $20.9 million, versus $6.5 million a week earlier. CoinShares analysts said.

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Trading activity fell from $1.2 billion to $915 million.

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93% of the total outflow was from Bitcoin products ($19.4 million).

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From Bitcoin-short products, investors withdrew $3.1 million, down from $5.5 million in the previous reporting period. The negative trend has continued for the fourteenth week in a row.

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«Investors were taking profits in recent weeks. Meanwhile, sentiment toward the asset as a whole remained favorable» — explained the analysts.

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Ethereum funds posted an outflow of $1.9 million, versus inflows of $6.6 million in the previous reporting period.

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Other altcoins collectively attracted $3 million. Over the last eight weeks the figure has reached $19 million.

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In the previous week, Cardano, Solana, and XRP attracted $0.6 million, $0.6 million and $0.5 million respectively. From Avalanche-products investors withdrew $0.4 million.

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The catalyst for altcoin interest was Ripple’s partial victory in the court against the SEC. On that day XRP rose 24% in an hour.

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As reported, SEC Chair Gary Gensler said the agency was ‘disappointed’ by the decision affecting retail investors, but ‘quite’ pleased with the verdict on institutional sales.

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Former SEC attorney John Reed Stark described the Ripple case verdict as ‘shaky’. He did not rule out that the agency would appeal the ruling and that a higher court could overturn the earlier decisions. Later, the SEC hinted at an appeal.