Bitcoin Leads as Crypto Products See Second Week of Outflows, Totaling $206M

Crypto investment products saw $206 million in outflows, as Bitcoin leads the losses, with up to $192 million in weekly outflows.

Last week, digital asset investment products witnessed a second week of outflows after investors withdrew $206 million. The trading volumes of these exchange-traded products (ETPs) also diminished slightly, cooling to $18 billion.

According to a report by asset manager CoinShares, Bitcoin saw the most significant loss relative to other cryptocurrencies, with outflows reaching $192 million. Despite Bitcoin experienced these notable outflows, there was minimal interest in short-selling, with short-bitcoin funds also seeing outflows of $0.3 million. In contrast, multi-asset funds saw positive movement, receiving $9 million in inflows. 

Ethereum recorded the second-largest outflow last week, amounting to $34.2 million. This marked the sixth consecutive week where Ethereum has seen a decline in its product holdings. Also, while Bitcoin witnessed $368 million in positive monthly flows, Ethereum’s monthly flows remained negative, with $85.4 million in outflows.

Regional and Asset-Specific Trends

Regionally, the sentiment has been predominantly negative in the United States, where US ETFs recorded outflows of US$244 million. Most of these outflows came from ETFs. While the newly launched ETFs managed to attract some capital, these came at lower levels than in previous weeks. 

In the past week, SoSoValue reported that Spot Bitcoin ETFs saw a net outflow of $165 million, aligning with a reduction in buying activity during the U.S. tax season. Despite this downturn, trading volumes for nine ETFs hit nearly $2.7 billion on Wednesday. 

On the other hand, Canada and Switzerland reported inflows of US$30 million and US$8 million, respectively. Germany saw minor outflows, amounting to US$8 million.

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Litecoin and Chainlink also attracted investor interest, with inflows of $3.2 million and $1.7 million, respectively. Meanwhile, blockchain equities faced their 11th week of consecutive outflows, totaling $9 million, as concerns about the impact of the halving on mining companies persist.

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• Source: https://thecryptobasic.com/2024/04/22/bitcoin-leads-as-crypto-products-see-second-week-of-outflows-totaling-206m/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-leads-as-crypto-products-see-second-week-of-outflows-totaling-206m