Bitcoin-focused investment products experienced a $13 million outflow in the past week, marking a shift from the previous five weeks of positive inflows, as reported by Coinshares analyst James Butterfill. This is the first week of outflows since Blackrock applied for a spot Bitcoin ETF in June.

In contrast, investment products related to Ether and XRP saw a combined inflow of $9.2 million over the same period. Ether investment products led the pack with inflows of $6.6 million, while XRP funds saw an inflow of $2.6 million. Other altcoins, Solana and Polygon, also saw inflows of $1.1 million and $0.7 million, respectively.

Flows by the top digital asset investment products.

This shift in investor sentiment follows Ripple's partial win against the United States Securities and Exchange Commission on July 13, where the court ruled that XRP is not a security when sold on exchanges to the general public. This news led to a 76% surge in XRP’s price to $0.83, which later settled at $0.69.

Despite the recent outflows, Bitcoin remains the leading digital asset investment product, with $558 million in inflows in 2023 and a total of $25.0 billion in assets under management, accounting for 67.4% of the total market share. Bitcoin's current price stands at $29,128, a 3.1% decrease over the last 24 hours.

In the last month, several financial institutions, including BlackRock, ARK Invest, Fidelity, Galaxy Digital, VanEck, Valkyrie Investments, NYDIG, SkyBridge, and WisdomTree, have filed for Bitcoin spot Exchange Traded Fund applications with the SEC since mid-June