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25/06/24
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Digital Asset Investment Products Recorded Outflows of $584M Last Week
On June 24, CoinShares revealed that digital asset investment products recorded an aggregate outflow of $584 million last week, representing the second straight week of outflows of an aggregate of $1.2 billion. The firm believes this is due to investors’ pessimism regarding the possibility of the Federal Reserve delivering rate cuts in 2024.
“Last week also saw the lowest volumes traded on ETPs globally since the US ETFs were launched in January, seeing just US$6.9bn for the week,” reads the report.
Bitcoin saw the largest outflow of $630 million, followed by Ethereum at $58.3 million. On the other hand, investors pour funds into multi-coin investment products, leading to an inflow of $98.3 million. According to the report, this suggests “investors seen the weakness in the altcoin market as a buying opportunity.”
Several altcoins recorded inflows following recent price weakness, with Solana, Litecoin and Polygon seeing inflows of $2.7 million, $1.3 million and $1 million respectively. XRP and Chainlink recorded inflows of $700k and $300k respectively.
In terms of region, the United States recorded the highest amount of outflow at $475 million, followed by Canada at $109.3 million. Germany, Hong Kong and Sweden saw outflows of $23.8 million, $19.3 million and $5.3 million respectively. Conversely, Switzerland, Brazil and Australia saw inflows of $38.9 million, $8.5 million, and $800k, respectively.
According to Farside Investors’ data, institutions withdrew almost $544.1 million from spot BTC ETFs from June 17 to 21. Fidelity Wise Origin Bitcoin Fund (FBTC) and Grayscale Bitcoin Trust ETF (GBTC) recorded outflows of $271 million and $152.6 million respectively for the week.
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