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18/06/24
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Digital Asset Investment Products Recorded Largest Outflows Since March
On June 17, CoinShares revealed that digital asset investment products recorded an aggregate outflow of $600 million last week, representing the biggest outflow in three months. Due to these outflows as well as recent price sell-off, there was a decline in the total assets under management (AuM) to $94 billion from more than $100 billion.
“This occurred under similar circumstances: a period of significant inflows followed by a more hawkish-than-expected FOMC meeting, prompting investors to scale back their exposure to fixed-supply assets,” reads the report.
Bitcoin saw the largest outflow of $621 million, followed by Solana at $200k. On the other hand, Ethereum saw the largest inflow of $13.1 million, followed by LIDO, Short-Bitcoin, and XRP at $2 million, $1.8 million and $1 million, respectively. Both Litecoin and Chainlink recorded inflows of $800k respectively. Investors withdrew funds from multi-coin investment products, leading to an outflow of $1.1 million.
In terms of region, the United States recorded the highest amount of outflow at $565 million, followed by Switzerland at $23.7 million. Both Canada and Sweden saw outflows of $14.9 million respectively, while Hong Kong recorded outflows of $1.3 million. Conversely, Germany, Australia and Brazil saw inflows of $17.4 million, $1.7 million, $700k, respectively. Sweden saw outflows of $9.2 million.
“Trading volumes remain lower at US$11bn for the week, compared to US$22bn weekly average this year, but well above the US$2bn a week last year. Digital asset ETPs are maintaining a steady 31% of global trading volumes on trusted exchanges,” reads the report.
According to some experts within the crypto space, institutional adoption is just beginning to grow despite the seemingly massive initial interest surrounding the launch of spot BTC ETFs in the U.S.
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