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Bitcoin (BTC) Inflows Offset Ethereum (ETH)\'s \'Worst Week in Years\' as Institutional Crypto Products See Third Week of Outflows - CoinShares

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2024-07-02 11:47:31984browse

Digital assets manager CoinShares says that institutional crypto products sustained outflows last week for the third week in a row.

Bitcoin (BTC) Inflows Offset Ethereum (ETH)'s 'Worst Week in Years' as Institutional Crypto Products See Third Week of Outflows - CoinShares

CoinShares, a digital assets manager, has reported that institutional crypto products experienced outflows last week, marking the third consecutive week of outflows.

According to CoinShares’ latest Digital Asset Fund Flows report, digital asset investment products faced outflows amounting to $30 million last week.

“Digital asset investment products saw a third consecutive week of outflows totaling US$30m, with last week indicating a significant stemming of the outflows. In contrast to prior weeks, most providers saw minor inflows, although this was offset by incumbent Grayscale seeing US$153m outflows.”

Despite the overall outflows, the US, Brazil and Australian regions experienced inflows of $43 million, $7.6 million and $3 million, respectively.

“Negative sentiment pervaded Germany, Hong Kong, Canada and Switzerland with outflows of US$29m, US$23m, US$14m and US$13m respectively.”

While the leading crypto by market cap Bitcoin (BTC), multi-asset investment vehicles, Solana (SOL) and Litecoin (LTC) had inflows of $18 million, $10 million, $1.6 million and $1.4 million, respectively, Ethereum (ETH) had one of its worst weeks in recent years.

“Ethereum saw the largest outflows since August 2022, totaling US$61m, bringing the last two weeks of outflows to US$119m, making it the worst performing asset year-to-date in terms of net flows.”

Chainlink (LINK) and XRP also had inflows of $0.6 million and $0.3 million, respectively.

Important image: Shutterstock/phive/Sensvector

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