Recent crypto market news highlights significant outflows in Bitcoin ETPs, while altcoin ETPs such as XRP, SOL, Ether, and Sui attract new funding.
General Trends in Crypto ETPs Last Week
Bitcoin investment products suffered $571 million in outflows last week, accounting for the majority of the $508 million total ETP losses. This trend underscores investor caution, possibly linked to macroeconomic factors like inflation and monetary policy uncertainty.
Growing Interest in Altcoin ETPs
Solana, Ether, and Sui ETPs saw inflows of $8.9 million, $3.7 million, and $1.5 million, respectively, while XRP ETPs led with $38 million in inflows last week. This surge is tied to investor hopes that the SEC will resolve its lawsuits with Ripple and approve a spot XRP ETF.
Divergent Strategies Among ETP Providers
ProShares managed to attract $38 million in inflows, standing out amid widespread losses among other providers like Grayscale Investments and Fidelity Digital Assets, which recorded the largest outflows of $170 million and $166 million, respectively. Regionally, the US led with $560 million in outflows, contrasting with Europe's inflows of $46.3 million, highlighting different approaches in various markets.
These developments underscore shifting investor sentiment in the crypto market, highlighting discrepancies in interest between Bitcoin and altcoin products, as well as different strategies among ETP providers.
