Crypto Investment Products Record Second Consecutive Week of Outflows Totaling $584 Million, Bitcoin ETPs Drained of $630M

The latest market update from digital asset firm CoinShares reveals that crypto-based investment products have recorded a second consecutive week of outflows totaling $584 million.

CoinShares’ latest market update reveals that crypto investment products recorded a second consecutive week of outflows with a total outflow of $584 million.

CoinShares analysts attributed this to investor pessimism regarding potential interest rate cuts by the Federal Reserve this year. The report also noted that last week saw the lowest volumes traded on ETPs globally since U.S. spot ETFs launched this year, with only $6.9 billion traded for the week.

CoinShares’ analysis of crypto investment products also revealed that the U.S. spot Bitcoin ETF market experienced the largest outflows at $475 million. However, its month-to-date (MTD) flow remains positive at $945 million, with a year-to-date (YTD) inflow figure of $16.35 billion.

In Canada, crypto investment products saw significant outflows of $109 million last week, bringing the MTD total to a negative $111.5 million. Germany and Hong Kong also experienced outflows of $24 million and $19 million, respectively.

Sweden had the lowest negative flow for the week at $5.3 million, resulting in a negative $28.8 million for the MTD timeframe. On the other hand, Switzerland, Brazil, and Australia bucked the trend, with inflows of $39 million, $48.5 million, and $800,000, respectively.

Despite the weekly outflows across all regions totaling $584 million, the MTD remains positive at $857 million, with a YTD figure of $15.95 billion.

CoinShares' Digital Asset Fund Flows for the Week Commencing 2023-03-06 to 2023-03-10 (CoinShares)

The report also found that Bitcoin was the primary victim of the outflows, with $630 million in negative flows at the end of last week. This occurred as Bitcoin continued to hit lower prices each day, reaching a low of $60,674 today.

However, despite the negative sentiment, investors did not add to short positions, resulting in short Bitcoin seeing $1.2 million in outflows.

Moreover, Bitcoin’s closest rival, Ethereum, also suffered from the negative sentiment, experiencing $58 million in outflows.

However, several altcoins managed to buck the Bitcoin trend and record inflows amid broad price weakness.

Solana (SOL), Litecoin (LTC), and Polygon (MATIC) saw inflows of $2.7 million, $1.3 million, and $1 million, respectively. XRP investment products also saw a more modest one-week inflow of 700K.

This brings XRP's MTD total to $2.9 million and YTD total to $18 million.

CoinShares analysts also noted that the $98 million in inflows into multi-asset products suggest that investors viewed the weakness in the altcoin market as a buying opportunity.

News source：https://www.kdj.com/cryptocurrencies-news/articles/crypto-investment-products-record-consecutive-week-outflows-totaling-bitcoin-etps-drained-m.html

The above is the detailed content of Crypto Investment Products Record Second Consecutive Week of Outflows Totaling $584 Million, Bitcoin ETPs Drained of $630M. For more information, please follow other related articles on the PHP Chinese website!