- Last week, there was a notable fund change in the field of digital asset investments; a total of nearly 21 million dollars was withdrawn from various investment products linked to cryptocurrencies.
- 93% of the outflows came from long-Bitcoin investment products, while short-Bitcoin saw a total outflow of 3.1 million US dollars in its 14th consecutive week.
- The best performers were investment products focused on Cardano (ADA) and XRP, which experienced combined inflows exceeding 1 million dollars.
Digital asset investment products continued to see outflows last week, with Bitcoin products accounting for 93% of these outflows.
Digital Asset Investment Products Seeing Outflows
Last week, there was a notable fund change in the field of digital asset investments. According to a recent report by CoinShares, an important analytical portal, a total of nearly 21 million dollars was withdrawn from various investment products linked to various cryptocurrencies.
This situation appeared quite negative for major players like Bitcoin (BTC) and Ethereum (ETH), as they experienced significant outflows of 19.4 million and 1.9 million dollars respectively. 93% of the outflows came from long-Bitcoin investment products, while short-Bitcoin saw a total outflow of 3.1 million US dollars in its 14th consecutive week.
However, despite the overall negative trend, certain cryptocurrencies managed to attract investments and stay afloat. According to the report, the best performers were investment products focused on Cardano (ADA) and XRP, which experienced combined inflows exceeding 1 million dollars. This unexpected success was even more impressive when compared to the weak performance of major players.
Currently, XRP and ADA have positive inflows since the beginning of the year, with values of 10 million and 6 million dollars respectively. Additionally, Solana (SOL) stood out and experienced a 600,000 dollar increase in inflows last week. The combined value of all inflows and outflows in SOL funds reached a significant 15 million dollars since the beginning of the year. In addition, Ethereum and Avalanche saw small outflows of 1.9 million US dollars and 400,000 US dollars respectively.
Digital asset investment products also saw small outflows in the week of July 17-21, breaking the streak of intense inflows that had been ongoing for 4 weeks. During the period when BlackRock applied for a spot Bitcoin ETF, digital asset investment products, especially Bitcoin, received intense interest and encountered high capital inflows, but this only lasted for 4 weeks.
Why XRP, ADA, and SOL Are Attracting Interest
The interest and investments in XRP, ADA, and SOL can be attributed to positive developments in the regulatory field. These three assets have previously been targeted by the U.S. Securities and Exchange Commission, but now they have become favorites of traditional investors. The outcome of the SEC case against Ripple in July seems to have turned the tide in favor of the crypto industry and increased investor confidence.
Overall, the current positive state of the crypto industry indicates exciting possibilities in the future, but the future still remains uncertain.
