Bitcoin funds see $13 million in outflows while ether, XRP buck the trend

Digital asset investment products experienced a $6.5 million net weekly outflow, bucking a trend that saw $742 million pour in over the prior four weeks. 

Bitcoin, the usual frontrunner, experienced outflows to the tune of $13 million. Ether proved to be an exception, drawing in $6.6 million of inflows last week, hinting at a slow sentiment shift for the crypto asset, according to CoinShares’ latest report.

Meanwhile, XRP also showed signs of investor confidence, CoinShares said. Following Ripple’s partial victory in its legal battle with the Securities and Exchange Commission, XRP products saw another $2.6 million in inflows over the last week, now accounting for 8% of current assets under management at providers such as Grayscale, Bitwise and ProShares. Solana, Uniswap and Polygon also attracted minor inflows.

Weekly crypto asset flows. Image: CoinShares.

Short bitcoin investment products continued a 13-week outflow streak with $5.5 million in outflows last week. The short bitcoin share of total bitcoin investment products under management fell to its lowest level in over a year at 0.4%.

Trading volumes fell below the weekly average to $1.2 billion, compared to $2.4 billion the week before.

Regionally, the North American market was the primary contributor to overall outflows, accounting for nearly 99% ($21 million). However, this was partially offset by $12 million of inflows into Switzerland and $1.9 million into Germany.

The overall reversal in flows comes as bitcoin dropped to its lowest level in a month today, currently trading at $29,177, down 2.4% over the last 24 hours, according to CoinGecko data. Ether fell 1.4% to $1,848 during the same period.