$147M Outflow Hits Crypto Investment Products After Three-Week Inflow Streak
According to CoinShares, $147 million left global cryptocurrency investment products at asset managers, including BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares, last week, ending an almost $2 billion three-week net inflow streak.
Higher than expected economic data last week, reducing the probabilities for significant rate cuts are the likely reason for the weaker sentiment amongst investors,
CoinShares Head of Research James Butterfill
Crypto Market Experiences Significant Outflows: What It Means for Investors?
The largest net outflows were $159 million from global bitcoin-based funds, while net inflows of $2.8 million were seen from short-bitcoin investment products. With losses of $209 million, $8.3 million, and $7.3 million, respectively, funds from the United States, Germany, and Hong Kong accounted for the majority of the negative flows. Despite the decreased volumes observed in the overall crypto market, Butterfill noted that trading volumes for global crypto investment products increased by 15% over the course of the week to $10 billion.
Not exempted were Ethereum-based products, which had only recently ended a five-week losing streak the week before, and resumed net outflows of $28.9 million worldwide last week due to “lackluster” investor enthusiasm for the asset, according to Butterfill.
Since June, multi-asset products have been a favorite among investors who prefer to invest in a diversified basket of assets rather than individual ones,
Butterfill
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