Posted:
- Last week’s outflow from ddigital investment products in assets amounted to $59 million.
- For the first time in 19 weeks, short Bitcoin products recorded inflows.
Digital asset investment products recorded outflows totaling $59 million last week, marking the fourth consecutive week of outflows. This brought total outflows in the past month to $294 million, digital asset investment firm CoinShares found in a new report. report.
Last week’s $59 million capital flush from crypto funds represented 0.9% of total assets under management (AuM). According to the report, this amounted to $31.72 million in the reporting period.
Furthermore, the past week was marked by a significant decline in trading volume. CoinShares found that it plummeted by almost 75%, with the total number of completed transactions reaching just $754 million.
BTC’s problems are not over yet
Bitcoin [BTC] investment products saw a drop of $69 million last week after recording a small inflow of $4 million. Last week’s liquidity exit brought the currency month-to-date outflows up to $72.4 million.
Interestingly, despite limited BTC price movements in recent months and the bad sentiment that has plagued the market, year-to-date (YTD) flows into BTC investment products remained at a net positive level of $200 million, CoinShares found .
Ending the 19th consecutive week of consecutive outflows, short Bitcoin products saw inflows for the first time in four months. As stated in the report, this asset category recorded an inflow of $15.2 million,
“The largest week of inflow since March 2023.”
CoinShares further added:
“There were also inflows into short investment products, indicating that sentiment for this asset class is still poor. We believe that ongoing concerns about the regulation of the asset class and the recent strength of the dollar are the most likely reasons for this.”
Despite the significant capital outflow that short Bitcoin products have suffered in recent months, YTD flows also remained at a net positive level of $50 million, which is the second highest after BTC.
Funds are leaving Ethereum unabated
Last week, altcoin Ethereum led [ETH], witnessed recordings worth $4.8 million. This brought YTD outflows to $108 million.
The money removed represented 1.6% of the currency’s assets under management, making it the,
“Least liked digital assets among exchange-traded product (ETP) investors this year.”
Solana [SOL] For the first time in nine weeks there was an outflow of $1.1 million. Per his previous reporthad CoinShares discovered that SOL’s nine-week influx made the altcoin,
“The most loved altcoin among investors right now.”