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Seeking Alpha 2023-07-17 14:51:30

Crypto funds book another week of inflows, with bitcoin in spotlight - report

Crypto funds book another week of inflows, with bitcoin in spotlight - report

Digital asset investment products logged their fourth consecutive week of inflows, CoinShares reported Monday, with such products pulling in $137M this past week. For the last for weeks, inflows totaled $742M, the report said, marking the largest run of inflows since Q4 2021. Last week, in particular, was a landmark one for the crypto industry. In addition to asset management giants refiling their applications to launch a spot bitcoin ( BTC-USD ) exchange-traded fund, investors praised a U.S. judge's ruling that Ripple Labs' crypto asset XRP ( XRP-USD ) can be considered a commodity in some cases. The Ripple news led altcoins, including XRP ( XRP-USD ), ethereum ( ETH-USD ) and cardano ( ADA-USD ), to outperform bitcoin ( BTC-USD ) for the week ended July 14, as seen in this chart. While the price of bitcoin ( BTC-USD ) slipped last week, funds tracking the token saw inflows totaling $140M, accounting for 99% of all inflows, CoinShares noted . More on bitcoin and the broader crypto market: Bitcoin: Crypto's Prodigal Son Returns In Remarkable Bullish Turnaround (Technical Analysis) After Ripple Ruling, Grayscale Ethereum Trust Becomes More Interesting As A NAV Discount Play Ethereum: Equity Tokenization Is Coming

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