Bitcoin, Ethereum Investment Products See Outflows, Altcoins Defy Bearish Trend
Outflows in digital asset investment products continued for the third week in a row. The latest weekly outflow of $435 million marked the highest outflow since March.
According to the latest report by CoinShares, the trading volumes in Exchange-Traded Products (ETPs) dropped to $11.8 billion last week from $18 billion the previous week, with Bitcoin prices declining by 6%.
Bitcoin and Ethereum Lead Digital Asset Outflows
The latest edition of CoinShares’ Digital Asset Fund Flows revealed that outflows were concentrated exclusively on the top two cryptocurrencies – Bitcoin and Ethereum – with $423 million and $38 million, respectively.
During the same period, short Bitcoin investment products amassed $1.3 million in inflows. This suggests a growing interest among market players in hedging or profiting from downward movements in BTC’s price as the asset trades a little above $62,000.
Several altcoins, on the other hand, defied the widespread bearish trend. In fact, the asset manager found that investors primarily opted for multi-coin investment products, which saw $7 million in inflows.
Other popular choices, such as Solana, Litecoin, and Chainlink, continued to attract inflows of $4 million, $3 million, and $2.8 million, respectively. Polkadot raked in $0.5 million in inflows, and investment products related to XRP and ADA also saw $0.4 million in inflows over the week.
Switzerland and Brazil Defy Negative Trend
Like in previous instances, the focus of the outflows was on the US, which recorded $388 million. However, it’s important to note that year-to-date inflows in the US still stand at a record $13.6 billion. Additionally, the majority of outflows originated from Grayscale with $440 million, the lowest in nine weeks.
While Grayscale’s outflows are slowing down, CoinShares also observed a decrease in inflows from new issuers, which only amounted to $126 million last week, compared to $254 million the previous week. Germany and Canada also faced negative sentiment, with $16 million and $32 million in outflows, respectively. Sweden’s outflow for the week stood at $8.1 million.
Going against the trend were Switzerland and Brazil, which welcomed inflows of $5 million and $4 million, respectively. Meanwhile, Australia recorded modest inflows of $0.5 million during the same period.
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