Bitcoin (BTC) Leads the Outflows as Digital Asset Investment Products Experience a Second Consecutive Week of Outflows, Totaling $584 million-web3.0-php.cn

Bitcoin (BTC) Leads the Outflows as Digital Asset Investment Products Experience a Second Consecutive Week of Outflows, Totaling $584 million

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Jun 25, 2024 am 06:41 AM

According to CoinShares, the latest Digital Asset Fund Flows Weekly Report indicates a significant market correction with digital asset investment products experiencing a second consecutive week of outflows, totaling $584 million.

Bitcoin (BTC) Leads the Outflows as Digital Asset Investment Products Experience a Second Consecutive Week of Outflows, Totaling 4 million

Digital asset investment products experienced a second consecutive week of outflows, totaling $584 million, as reported by CoinShares in its latest Digital Asset Fund Flows Weekly Report. This downturn follows a period of seven consecutive weeks of inflows, ultimately reducing the total inflows to $1.2 billion.

The outflows were primarily driven by Bitcoin (BTC) and a broader sell-off in the digital asset market, largely due to concerns over rising inflation and interest rates. These outflows from digital asset investment products were the highest since the second week of March.

Bitcoin (BTC) saw substantial outflows of $630 million, as investors reduced their exposure to the leading cryptocurrency amid the market sell-off. However, despite the negative sentiment, there was a surprising lack of activity among short Bitcoin products, which experienced outflows of $1.2 million.

Regionally, the United States experienced the largest outflows at $475 million, followed by Canada with $109 million. Germany and Hong Kong also recorded outflows of $24 million and $19 million, respectively.

On the other hand, Switzerland and Brazil saw inflows of $39 million and $48.5 million, respectively, as investors shifted their attention to other regions during the market sell-off.

Among specific digital assets, Ethereum (ETH) also experienced outflows, albeit to a lesser extent than Bitcoin (BTC), with investors withdrawing $58 million from ETH products.

However, several altcoins managed to attract inflows due to their recent price weaknesses. Solana (SOL), Litecoin (LTC), and Polygon (MATIC) saw inflows of $2.7 million, $1.3 million, and $1 million, respectively.

Interestingly, multi-asset products saw inflows of $98 million, as investors viewed the weakness in the altcoin market as a buying opportunity.

The report further highlights that last week saw the lowest trading volumes on Exchange-Traded Products (ETPs) globally since U.S. ETFs were launched in January, with a total of just $6.9 billion traded for the week.

For more in-depth analysis and the full report, please visit the CoinShares blog.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-leads-outflows-digital-asset-investment-products-experience-consecutive-week-outflows-totaling.html

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