Coinshare’s Report: Investment Products for Digital Assets Witness Outflows for Fourth Straight Week
CoinShares’ latest report reveals that digital asset investment products have seen outflows for the fourth consecutive week, reaching a total of $251 million. This follows the previous week’s outflow of $156 million.
The standout performer was Ethereum, which broke its seven-week streak of outflows and recorded inflows totaling $30 million.
Last week, there were significant outflows from the newly issued exchange-traded funds (ETFs) in the United States, as noted in the CoinShares report. These new ETFs saw outflows totaling $156 million.
The report suggests that the recent 10% drop in price may have triggered automatic sell orders, as the average purchase price for these ETFs since their launch is estimated to be $62,200 per Bitcoin.
Grayscale Investments LLC, one of the largest providers of digital asset investment products, reported outflows of $277 million.
Other notable providers, such as Fidelity ETFs/USA and ARK 21 Shares/USA, experienced outflows of $131 million and $84 million, respectively. However, unnamed “other” providers reported significant inflows of $398 million.
However, there was a positive development in the crypto-ETF market last week. The successful launch of spot-based Bitcoin and Ethereum ETFs in Hong Kong resulted in inflows of $307 million in the first week of trading, according to the CoinShares report. This significant inflow was one of the few positive outcomes in a week marked by considerable outflows.
It is worth noting that the outflows were not limited to the United States. While the U.S. saw a significant outflow of $504 million, Canada, Switzerland, and Germany also experienced outflows of $9.6 million, $9.8 million, and $7.3 million, respectively.
Bitcoin bore the brunt of the outflows, with $284 million leaving the market last week. However, Ethereum provided some relief with inflows of $30 million, breaking its seven-week outflow streak. Additionally, Avalanche, Cardano, and Polkadot attracted investments, while many other altcoins experienced substantial inflows.
Tags: Crypto news