ETF Investors Turn Bearish on Bitcoin, Bullish on XRP and Solana: CoinShares

Core Insights - Investors withdrew funds from Bitcoin and Ethereum ETFs while increasing investments in altcoin exposure, particularly Solana and XRP [1][2] - Total outflows from digital asset investment funds reached $812 million last week, with Bitcoin and Ethereum accounting for the majority of these losses [2][3] Group 1: Investment Trends - $291 million was invested in Solana (SOL) funds, and over $93 million in XRP investment vehicles [2] - Bitcoin saw outflows of $719 million, while Ethereum experienced $409 million in outflows [2] Group 2: Market Dynamics - Analysts attribute the outflows from Bitcoin ETFs to profit-taking and portfolio rebalancing, despite a positive outlook for the crypto market [3] - The overall digital asset investment products recorded significant outflows as expectations for U.S. interest rate cuts were moderated by stronger macroeconomic data [3] Group 3: Asset Performance - Solana (SOL) was trading slightly above $210, reflecting a 3% increase over the past day but a nearly 5% decline over the week [4] - XRP's price was reported at $2.90, also showing a 3% increase on the day [4] Group 4: ETF Developments - The first spot XRP and Dogecoin ETFs began trading in the U.S. earlier this month, indicating strong initial demand [5]