Bitcoin (BTC) Market Undergoes Correction as Investors Withdraw $1.2B From Crypto-Related Investment Products-web3.0-php.cn

Bitcoin (BTC) Market Undergoes Correction as Investors Withdraw $1.2B From Crypto-Related Investment Products

Jun 25, 2024 am 08:04 AM

The crypto market is undergoing a significant correction as investors withdrew $584 million from crypto-related investment products last week

Bitcoin (BTC) Market Undergoes Correction as Investors Withdraw .2B From Crypto-Related Investment Products

Investors pulled a total of $584 million from crypto-related investment products last week, according to CoinShares’ latest report.

This marks the second week of outflows, following the previous week's outflows of around $600 million, bringing the two-week total to nearly $1.2 billion.

The report also highlights that global trading volumes for crypto ETPs hit their lowest levels since the US Securities and Exchange Commission (SEC) approved the launch of several spot Bitcoin exchange-traded funds (ETFs) in January, totaling just $6.9 billion for the week.

“We believe this is in reaction to the pessimism amongst investors regarding the prospect of interest rate cuts by the FED this year,” said James Butterfill, head of research at CoinShares.

Bitcoin investment products saw the most significant outflows, totaling $630 million. Grayscale Bitcoin ETF and Fidelity’s FBTC saw six consecutive days of outflows in the US.

Canada also witnessed substantial outflows from crypto ETPs, with $109 million withdrawn. This was followed by Germany and Hong Kong, which saw outflows of $24 million and $19 million, respectively.

However, Switzerland and Brazil recorded inflows of $39 million and $48.5 million, respectively, helping to offset the overall outflows.

Investors with bearish sentiments also withdrew about $1.2 million from short Bitcoin products.

Meanwhile, Ethereum joined the outflow trend, seeing its first withdrawals in weeks, totaling approximately $58 million. This reduced its month-to-date flow to around $23 million from $82 million.

Despite the outflows from the major digital asset, multi-asset investment products and some altcoins saw significant inflows.

According to CoinShares, multi-asset products attracted over $98 million, while Solana, Litecoin, and Polygon received $2.7 million, $1.3 million, and $1 million, respectively.

“Inflows were broad-based, with multi-asset products attracting the bulk of the total at $98.3 million, while Solana, Litecoin, and Polygon saw inflows of $2.7 million, $1.3 million, and $1 million, respectively,” Butterfill explained.

“These inflows suggest investors view the weakness in the altcoin market as a buying opportunity.”

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-market-undergoes-correction-investors-withdraw-b-crypto-investment-products.html

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