Digital Asset Investment Products Had A Slight Net Outflow Of $5.1 Million Last Week

Key Points:

• Digital asset investment products had a small net outflow of $5.1 million last week, here is the ninth consecutive week of cash outflow.
• Among them, the net outflow of Bitcoin investment products is $500,000 and the net outflow of Ethereum investment products is $5 million.
• It’s worth noting that last week Ripple, Cardano, and Polygon saw inflows of $1 million, $600,000, and $200,000, respectively.

According to the CoinShares weekly report, digital asset investment products had a $5.1 million net outflow last week.

Little inflows were recorded at the end of the week after reports that one of the world’s leading asset managers, BlackRock, had registered for a Bitcoin ETP in the US, but these inflows were insufficient to balance losses witnessed earlier in the week. This was the ninth week of outflows in a row, with a total outflow of $423 million in the previous nine weeks.

The net outflow of Bitcoin investment goods was $500,000, whereas the net outflow of Ethereum investment products was $5 million.

Regionally, the United States and Germany received $3.7 million and $2.4 million, respectively. In terms of overall inflows year to far, the United States continues to lead with $147 million, while Canada trails with $277 million in outflows.

The highest outflow from blockchain concept stocks since FTX’s demise was $12.3 million. It’s worth mentioning that Ripple, Cardano, and Polygon all experienced inflows of $1 million, $600,000, and $200,000, respectively, last week.

Through the report, we can see that the Bitcoin cash flow is relatively stable while the market volatility last week was relatively strong. The largest cryptocurrency by market capitalization sold off from last week’s pause in rate hikes, with the Fed‘s announcement that inflation tightening is still in progress.

Investors were analyzing the newest step in the crypto industry’s fight for regulatory recognition and direction with the US Securities and Exchange Commission. After the closing bell, BlackRock filed for a spot in Bitcoin ETF, with Coinbase serving as its crypto custodian.

If authorized, the iShares Bitcoin Trust would be the first ETF in the United States to follow the price of Bitcoin rather than the cryptocurrency’s futures contracts. It’s been nearly ten years since the initial application for a prospective spot Bitcoin ETF was made. Every application that has gone through the SEC since then has been refused.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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