Bitcoin-related investment products seem to have lost some of their luster among crypto investors, seeing a first-week outflow from Blackrock has filed for a spot bitcoin ETF in June.

According to to a July 24 report from CoinShares head of research, James Butterfill, Bitcoin (BTC) investment products saw outflows of $13 million in the week ended July 21, reversing five weeks of inflows.

Bitcoin shorts also saw $5.5 million in outflows for the week.

In contrast, Ethereum (ETH) and XRP (XRP) investment products saw combined inflows of $9.2 million over the past week.

Butterfill noted that last week, Ethereum investment products were the best performers with an inflow of $6.6 million, while XRP funds saw an inflow of $2.6 million. Other altcoins like Solana (SALT) and polygon (MAT) tracked inflows of $1.1 million and $0.7 million.

Flows according to the best investment products of digital assets. Source: CoinShares.

The apparent change of heart follows Ripple’s partial victory against the United States Securities and Exchange Commission on July 13, where the court ruled that XRP is not a security when selling on exchanges to the general public.

The news sent XRP up 76% to $0.83 before cooling to $0.69 at the time of writing.

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However, Bitcoin still remains the dominant digital asset investment product, with inflows of $558 million in 2023 and a total of $25.0 billion in assets under management – ​​representing 67.4% of the total market share.

BTC is currently at $29,128, down 3.1% in the last 24 hours.

A number of financial institutions have applied in the past month Bitcoin spot Exchange Traded Fund application with the SEC since mid-June, including BlackRock, ARK Invest, Fidelity, Galaxy Digital, VanEck, Valkyrie Investments, NYDIG, SkyBridge and WisdomTree.

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