Categories: Market

Net Outflow Of Digital Asset Investment Products Last Week Was $6.5M: Report

Key Points:

  • Digital asset investment products experienced a net outflow of $6.5 million last week, ending four weeks of net inflows.
  • Bitcoin sees a net outflow of $13 million in investment products, while Ethereum records $6.6 million in inflows, indicating a potential shift in sentiment.
  • Solana, Uniswap, and Polygon attract inflows of $1.1 million, $0.7 million, and $0.7 million, respectively, signaling growing interest in alternative digital assets.
Last week, digital asset investment products recorded a net outflow of $6.5 million, marking the end of four consecutive weeks of net inflows, according to data from CoinShares’ weekly report.
Net Outflow Of Digital Asset Investment Products Last Week Was $6.5M: Report 5

The total trading volume of digital asset investment products during the week amounted to $1.2 billion, which was notably lower than the weekly average for the entire year. In the previous week, the trading volume had reached $2.4 billion. Notably, Solana, Uniswap, and Polygon emerged as the top performers in terms of inflows, witnessing total inflows of $1.1 million, $0.7 million, and $0.7 million, respectively.

The recent minor outflows of $6.5 million came after four weeks of substantial inflows that had reached a cumulative $742 million. The negative sentiment primarily impacted the North American market, where outflows accounted for 99% of the total outflow amounting to $21 million. However, Switzerland and Germany showed resilience, attracting inflows of $12 million and $1.9 million, respectively.

Net Outflow Of Digital Asset Investment Products Last Week Was $6.5M: Report 6

Bitcoin continued to be a focal point for investors, as evidenced by the $13 million outflow. Moreover, short Bitcoin investment products sustained outflows for the 13th consecutive week, resulting in a total outflow of $5.5 million. Interestingly, the total assets under management (AuM) of short Bitcoin products have dwindled from their peak of representing 1.3% of total Bitcoin investment products to a mere 0.4%, the lowest level since June 2022.

Net Outflow Of Digital Asset Investment Products Last Week Was $6.5M: Report 7

On the brighter side, Ethereum displayed encouraging signs, leading the way with $6.6 million in inflows. This influx of capital suggests a potential shift in sentiment surrounding Ethereum, which has experienced a challenging year so far.

Investors also displayed increasing confidence in XRP, with inflows totaling $6.8 million over the last 11 weeks, representing 8% of AuM. This renewed interest in XRP comes both before and after the conclusion of the recent SEC lawsuit, indicating a more optimistic outlook for the digital asset.

Net Outflow Of Digital Asset Investment Products Last Week Was $6.5M: Report 8

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

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Gate.io Shatters Records in Total Trading Volume in Q3 2024, with Its User Base Surpassing 17 Million

In the third quarter of 2024, despite a challenging market environment, Gate.io maintained strong growth…

18 mins ago

MEXC Champions the Future of Crypto Content Creation at CCCC

MEXC is proud to partner with the inaugural Crypto Content Creator Campus CCCC event, taking…

18 mins ago

Dtec Announces Global Partnership with DİZAYNVIP to Elevate AI-Driven Mobility Design  

Dtec and DİZAYNVIP partner to merge AI technology with luxury vehicle design, revolutionizing smart mobility…

1 hour ago

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

5 hours ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

8 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

10 hours ago

This website uses cookies.