Crypto investment products post minor outflows in past week - report

With cryptocurrency prices continuing to oscillate in tight ranges, digital asset investment products were said to have logged minor outflows last week. Bitcoin ( BTC-USD ), of course, took the spotlight, with funds tracking the token posting $13M of outflows. Still, short-bitcoin products experienced outflows for the 13th straight week totaling $5.5M. It appears investors are starting to favor ethereum ( ETH-USD ) over bitcoin ( BTC-USD ), seeing $6.6M of inflows, CoinShares said in a Monday report. The turnaround in ETH sentiment could be driven by a U.S. judge's ruling earlier this month that Ripple Labs' crypto asset XRP ( XRP-USD ) can be considered a commodity in some cases. Over the last 11 weeks, XRP ( XRP-USD ) saw inflows of $6.8M, implying "investors are increasingly confident in the outlook for XRP," the report said . Looking at price action, bitcoin ( BTC-USD ) ticked down 0.3% this past week, while ether ( ETH-USD ) slipped 1.7% as seen in this chart . The tokens have been trading in narrow price ranges since the end of June, as investors await the next big catalyst: the Federal Reserve's interest rate decision on Wednesday. "Despite a cautious attitude of investors in the short term, especially due to the rate hike expectations at the forthcoming FOMC meeting, the analysed metrics concerning BTC and ETH suggest a period of accumulation, with investors that are buying digital assets and holding for a long period looking for a price increase in the long run," said Matteo Greco, research analyst at digital asset and fintech investment firm Fineqia International. On Monday, though, bitcoin ( BTC-USD ) fell to its lowest level in over a month, dipping 2.7% to $29.1K at 10:52 a.m. ET. Ether ( ETH-USD ) also retreated 1.4% to $1.84K. More on the crypto market: Bitcoin has most compelling growth outlook of any crypto, investors say - survey Bitcoin: Breakout To The Upside Is Most Likely (Technical Analysis) After Ripple Ruling, Grayscale Ethereum Trust Becomes More Interesting As A NAV Discount Play