Investors pulled money out of Bitcoin and Ethereum ETFs last week but threw cash at funds giving altcoin exposure, a new report on global crypto ETF investments shows.
Data from digital asset manager CoinShares shows that while investors pulled cash out of the two biggest digital coins last week, helping fuel price declines, other investors placed bets on Solana and XRP.
Investors pumped $291 million into funds giving exposure to SOL, the sixth-biggest coin by market cap, and over $93 million into XRP investment vehicles.
The CoinShares report shows that digital asset investment funds worldwide shed $812 million in total last week, with $719 million of outflows coming from Bitcoin and $409 million pouring out of Ethereum funds. Those losses were balanced out by the aforementioned gains and others, including small inflows into Sui and Cardano funds.
Analysts told Decrypt that while “profit-taking and portfolio rebalancing” from investors led to Bitcoin ETF outflows last week, the crypto markets still have room to run.
“Digital asset investment products recorded $812 million in outflows last week, as expectations for two U.S. interest rate cuts this year moderated following stronger than anticipated macroeconomic data, particularly the revised GDP and durable goods figures,” the report said.
SOL was recently trading slightly above $210 per coin, up 3% over the past day but still down almost 5% over a seven-day period, according to CoinGecko. Meanwhile, XRP’s price recently stood at $2.90, up 3% on the day.
SOL is the asset used to make transactions on Solana, a blockchain developers use to build decentralized applications—which can be anything from first-person shooter games to decentralized finance lending protocols.
XRP is a digital coin created by the founders of fintech Ripple, a company used to move money quickly across borders. The first spot XRP and Dogecoin ETFs began trading in the U.S. earlier this month from Rex Shares and Osprey Funds, generating significant initial demand.