Digital Asset Investment Products Has 4th Consecutive Week Of Outflows With $251M
Key Points:
- Digital asset investment products saw their fourth straight week of outflows, totaling $251 million, prompted by Bitcoin’s price drop.
- US-led outflows at $504 million, while Hong Kong’s Bitcoin and Ethereum ETFs debuted with US$307 million in inflows.
- Bitcoin outflows reached $284 million, Ethereum reversed its outflow trend, and altcoins like Avalanche, Cardano, and Polkadot saw modest inflows.
Digital asset investment products experienced their fourth consecutive week of outflows, with a total of $251 million withdrawn, according to data from CoinShares’ weekly report.
Digital Asset Investment Products Outflow Persist: Fourth Consecutive Week
Notably, this week marked the first instance of measurable outflows from newly issued ETFs in the US, amounting to $156 million. Analysts suggest that the average purchase price of these ETFs pegged at $62,200 per bitcoin since launch, which may have triggered automatic sell orders as the price dipped below this threshold, resulting in outflows.
Primarily, the outflows of digital asset investment products were concentrated in the US, with a total of $504 million withdrawn. Additionally, Canada, Switzerland, and Germany also witnessed outflows amounting to $9.6 million, $9.8 million, and $7.3 million, respectively.
However, amidst the outflows, there was a glimmer of positivity with the successful launch of spot-based Bitcoin and Ethereum ETFs in Hong Kong. These ETFs garnered $307 million in inflows during their first week of trading.
Bitcoin Leads Outflows, Ethereum Rebounds
Bitcoin remained the primary focus, experiencing outflows of $284 million. In a rare turn of events, Ethereum broke its seven-week spell of outflows, attracting $30 million in inflows last week.
Furthermore, a variety of altcoins saw inflows, notably Avalanche, Cardano, and Polkadot, receiving $0.5 million, $0.4 million, and $0.3 million, respectively. This diversification in inflows suggests a growing interest in alternative digital assets beyond the mainstream cryptocurrencies.
| 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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Digital Asset Investment Products Has 4th Consecutive Week Of Outflows With $251M
Key Points:
- Digital asset investment products saw their fourth straight week of outflows, totaling $251 million, prompted by Bitcoin’s price drop.
- US-led outflows at $504 million, while Hong Kong’s Bitcoin and Ethereum ETFs debuted with US$307 million in inflows.
- Bitcoin outflows reached $284 million, Ethereum reversed its outflow trend, and altcoins like Avalanche, Cardano, and Polkadot saw modest inflows.
Digital asset investment products experienced their fourth consecutive week of outflows, with a total of $251 million withdrawn, according to data from CoinShares’ weekly report.
Digital Asset Investment Products Outflow Persist: Fourth Consecutive Week
Notably, this week marked the first instance of measurable outflows from newly issued ETFs in the US, amounting to $156 million. Analysts suggest that the average purchase price of these ETFs pegged at $62,200 per bitcoin since launch, which may have triggered automatic sell orders as the price dipped below this threshold, resulting in outflows.
Primarily, the outflows of digital asset investment products were concentrated in the US, with a total of $504 million withdrawn. Additionally, Canada, Switzerland, and Germany also witnessed outflows amounting to $9.6 million, $9.8 million, and $7.3 million, respectively.
However, amidst the outflows, there was a glimmer of positivity with the successful launch of spot-based Bitcoin and Ethereum ETFs in Hong Kong. These ETFs garnered $307 million in inflows during their first week of trading.
Bitcoin Leads Outflows, Ethereum Rebounds
Bitcoin remained the primary focus, experiencing outflows of $284 million. In a rare turn of events, Ethereum broke its seven-week spell of outflows, attracting $30 million in inflows last week.
Furthermore, a variety of altcoins saw inflows, notably Avalanche, Cardano, and Polkadot, receiving $0.5 million, $0.4 million, and $0.3 million, respectively. This diversification in inflows suggests a growing interest in alternative digital assets beyond the mainstream cryptocurrencies.
| 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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