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02/07/24
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Digital Asset Investment Products Record Third Consecutive Week of Outflows
On July 1, CoinShares released its digital asset fund flow weekly report, showing outflows of an aggregate of $30 million from digital asset investment products in the week ending on June 28, representing the third consecutive week of outflows.
“In contrast to prior weeks, most providers saw minor inflows, although this was offset by incumbent Grayscale seeing US$153m outflows. Trading volumes rose by 43% week-on-week to US$6.2bn but remain well below the US$14.2bn weekly average for the year so far,” reads the report.
Things were somewhat different during the week, with investors choosing multi-coin investment products which saw the biggest inflows of $17.9 million, followed by Bitcoin ETPs at $10 million. Solana saw inflows of $1.6 million, followed by Litecoin, Chainlink and XRP at $1.4 million, $600k, and $300k, respectively.
On the other hand, Ethereum recorded the biggest outflows of $61 million, representing the largest outflows since August 2022. Ethereum has seen outflows totaling $119 million over the past two weeks, making it the worst performing asset since the beginning of 2024, when it comes to net flows.
The price of ETH fell by more than 8.6 percent last month despite the U.S. Securities and Exchange Commission (SEC) approving ETH exchange-traded funds (ETFs) in May. According to analysts, the SEC is expected to approve the S-1 registration statements of the eight ETH ETFs and start trading in the coming weeks.
In terms of region, the United States recorded the highest amount of inflow at $43 million, followed by Brazil and Australia at $7.6 million and $2.9 million, respectively. Conversely, Germany, Canada, Hong Kong, Switzerland and Sweden recorded outflows of $28.5 million, $23.5 million, $14.4 million, $13.3 million, and $4.3 million respectively.
“Blockchain equities, despite the positive sentiment for crypto this year, have suffered outflows of US$545m this year, representing 19% of AuM,” reads the report.
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