- The news that XRP was deemed not a security in the ongoing case between the Securities and Exchange Commission and Ripple Labs helped extend the positive streak of inflows into digital asset investment products for a fourth consecutive week, with $137 million flowing into these products the week ending July 14.
ProShares Bitcoin Strategy ETF was the most popular investment vehicle, with $109 million worth of inflows last week, followed by the Purpose Bitcoin ETF with $19.7 million worth of inflows.“Regionally, the inflows were focussed almost solely on North America, with inflows of US$109m and US$28m in the US and Canada respectively,” James Butterfill, head of research for CoinShares wrote. “Minor outflows were seen in Europe with the exception of minor inflows in Switzerland.
While BTC continues to lead the way when it comes to inflows into investment products, its growth within the broader cryptocurrency landscape has stalled as evidenced by the sideways movement of Bitcoin dominance.After hitting a peak of 52.2% on June 28, Bitcoin dominance has pulled back to 50%, with multiple tests of the resistance there hinting that further declines may be in order as cryptocurrency traders begin to rotate into the altcoins.
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Source: financialpost - 🏆 7. / 85 Read more »