Key Points:
Notably, this represents a lower proportion of total Bitcoin volumes, standing at 28%, compared to 55% a month ago. Analysts attribute this decline in digital asset investment products to waning interest among ETF investors, likely influenced by expectations of prolonged high-interest rates from the Federal Reserve.
Bitcoin witnessed outflows of $192 million, but there was minimal interest in shorting the cryptocurrency, with short-Bitcoin products experiencing outflows of just $0.3 million.
Ethereum sustained outflows of $34 million, marking its sixth consecutive week of decline. Conversely, multi-asset products saw improved sentiment with inflows of $9 million last week, while Litecoin and Chainlink attracted inflows of $3.2 million and $1.7 million.
In the realm of blockchain equities, outflows persisted for the 11th consecutive week, totaling $9 million, as investors remained concerned about the impact of the halving on mining companies.
The negative sentiment was predominantly observed in US ETFs, with $244 million in outflows, particularly affecting incumbent ETFs. However, newly issued ETFs continued to witness inflows, albeit at a reduced rate compared to previous weeks. Meanwhile, Canada and Switzerland experienced inflows of $30 million and $8 million, while Germany reported minor outflows of $8 million.
CoinShares’ recent report highlighted that the average production cost per Bitcoin among listed mining companies post-halving was approximately $53,000, with the hash rate anticipated to reach 700 Exahash by 2025. However, following the halving, a potential 10% decline in hash rate could occur as miners deactivate unprofitable ASICs.
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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