Key Points:
Notably, despite these digital asset investment products outflow, Bitcoin‘s transaction volume skyrocketed to $11.8 billion, a staggering seven times the typical weekly volume witnessed in 2023. The United States led the inflows with $263 million, while Canada and Europe jointly experienced outflows of $297 million, indicating a subtle shift of assets to the U.S., where competitive fees prevail.
Interestingly, even though the $11.8 billion trading volume represented 63% of all Bitcoin trading on reputable exchanges, Bitcoin outflows amounted to $25 million, underscoring the dominance of ETP activity in the overall trading landscape.
Following the launch of new spot ETFs on January 11, 2024, higher-cost issuers in the U.S. suffered $29 million in outflows. In contrast, the newly issued ETFs attracted substantial inflows, surpassing this figure with a total of $4.13 billion. Investors seized the opportunity presented by recent price weakness to engage in short-selling Bitcoin investment products, resulting in inflows of $13 million.
Divergent trends were observed in other digital assets, with Ethereum and Solana experiencing outflows of $14 million and $8.5 million, respectively. Meanwhile, blockchain stocks witnessed a robust inflow of $156 million, bringing the total inflows over the past nine weeks to an impressive $767 million.
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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