Institutional Investors Shift Focus from Ethereum to XRP and Solana
The recent trend in digital asset investment products saw inflows of $321 million last week, marking the second consecutive week of positive flows. This surge in interest is largely driven by institutional investors in the United States.
Bitcoin led the way with a significant $284 million in inflows, while short Bitcoin products attracted $5.1 million, indicating some investors are hedging against potential downside risks.
Ethereum, on the other hand, continued its outflow trend for a fifth consecutive week, with outflows totaling $28.5 million last week. The Grayscale Ethereum Trust was largely responsible for this trend, contributing to month-to-date outflows of $145.7 million.
XRP saw minor inflows of $0.1 million, coinciding with the launch of Grayscale's XRP trust, while Solana maintained its appeal with $3.2 million in inflows. Litecoin also experienced modest inflows of $0.1 million.