Key Points:
This four-week downturn accumulated a significant $294 million, accounting for 0.9% of total assets under management (AuM).
Bitcoin bore the brunt of these outflows, with $68.9 million leaving its investment products. An intriguing development was the net inflow of $15.2 million into short-selling Bitcoin investment products, marking the most substantial single-week influx since March of this year.
Ethereum faced its share of struggles, with net outflows totaling $4.8 million. This extends the year-to-date outflows for Ethereum to $108 million, cementing its status as the least favored digital asset among ETP investors in 2023. In contrast, XRP managed to maintain investor interest, attracting $0.7 million in inflows for the week.
The gloomy sentiment surrounding digital assets also impacted trading volumes, plummeting by a staggering 73% compared to the previous week, settling at just $754 million for the week.
These persistent outflows are largely attributed to ongoing concerns over regulatory developments in the digital asset space and the recent strength of the US dollar. Additionally, short investment products have gained popularity, suggesting a prevailing bearish sentiment within the asset class.
This downturn in sentiment extended to blockchain equities, which experienced outflows of $10.8 million, marking the fifth consecutive week of negative flows in this sector. The uncertainty surrounding the future of digital assets continues to weigh heavily on the market.
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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