TL;DR
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Last week when we wrote about the massive in-flows of money going into Bitcoin funds.
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Bad news: now that Bitcoin’s price action has leveled out, investors have gotten bored – and those in-flows have turned to out-flows.
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Good news: that money isn’t being moved out of the crypto space – but instead, spread around it – mostly into Ethereum (ETH) and Ripple (XRP).
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The upside for BTC holders: the halving (which we wrote about yesterday) is less than a year away and there’s a solid chance a Bitcoin ETF will be approved before then.
Full Story
Remember last week when we wrote about the massive in-flows of money going into Bitcoin funds?
Well. We have some good news and bad news.
The bad news is: now that Bitcoin’s price action has leveled out, investors have gotten bored – and those in-flows have turned to out-flows.
The good news is: that money isn’t being moved out of the crypto space – but instead, spread around it.
The big winners of this mass re-allocation of funds?
Ethereum (ETH) and Ripple (XRP).
Ethereum, because…well, it’s Ethereum. If money is flowing out of Bitcoin but staying in the crypto market, the next stop is usually ETH.
It’s sturdy, time tested, and widely adopted (what’s not to love?).
As for Ripple…
Right now, Ripple’s XRP token is like that kid in middle school that got cool over the summer.
In the eyes of investors, Ripple Labs’ recent win against the SEC has transformed the XRP token from Steven Glansberg (☝️ see gif) to Regina George.
The allure of ETH and XRP has been so strong that Bitcoin’s dominance in the crypto market dropped from 35% to 28% (that’s the lowest it’s been since April)!
The good news for Bitcoin holders:
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The halving (which we wrote about yesterday) is less than a year away.
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There’s a solid chance a Bitcoin Exchange Traded Fund (ETF) will be approved before then.
(Allowing some very deep pocketed US investors to buy Bitcoin, without having to jump through a bunch of legal hoops).
Any way you slice it – it’s a good time to be in crypto!