Digital Asset Outflows Reaches $251M for Fourth Straight Week: CoinShares

The NFT Unicorn cp-featured-min Digital Asset Outflows Reaches $251M for Fourth Straight Week: CoinShares Crypto News

Digital asset investment products experienced outflows for the fourth consecutive week, amounting to $251 million. The past week marked the first “measurable outflows” from newly issued ETFs in the US, totaling $156 million last week.

According to the latest edition of Digital Asset Fund Flows Weekly Report, the average purchase price of these ETFs since their launch is estimated to be $62,200 per bitcoin. As the price dropped 10% below this level, the Singaporean asset manager speculated that it may have triggered automatic sell orders.

  • Bitcoin remained the primary focus, with outflows totaling $284 million. It is not surprising that Bitcoin was the only digital asset to see outflows.
  • Meanwhile, Ethereum broke its seven-week spell of outflows, attracting $30 million in inflows last week.
  • Various altcoins saw inflows followed suit as well.
  • Notably, investment products designed to provide exposure to Avalanche, Cardano, and Polkadot, received $0.5 million, $0.4 million, and $0.3 million respectively.
  • Solana and Litecoin also settled for $0.3 million and $0.1 million inflows respectively over the same period.
  • Regionally, outflows were mainly concentrated in the United States which recorded $504 million. Sweden also witnessed $30.3 million outflows.
  • This bearish sentiment was seen across other countries as well such as Canada, Switzerland, and Germany which experienced weekly outflows of $9.6 million, $9.8 million, and $7.3 million respectively.
  • Deviating from this trend, Brazil saw inflows of $3.7 million.
  • Additionally, the positive highlight last week was the successful launch of spot Bitcoin and Ethereum ETFs in Hong Kong, attracting almost $307 million in inflows in the first week of trading.
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Source: CryptoPotato