Digital Asset Products Record Outflows In Sixth Consecutive Week, Europe Overtakes US in Bullish Stance: CoinShares Report
Cryptocurrency investment products recorded outflows for the sixth consecutive week with market leaders Bitcoin (BTC) and Ethereum (ETH) leading the pack.
A new CoinShares market report shows total outflows from digital asset products totaling $9 million with BTC accounting for $6 million in its third consecutive week of outflows while leading altcoin ETH in its sixth consecutive week of outflows posted $2.2 million.
As the crypto winter ravages the space, volumes were also significantly lower at $820 million for the week than the yearly average of $1.3 billion
Short-bitcoin saw total exits hitting $2.8 million far below its $15 million high this month with 78% of assets under management (AUM) withdrawn in the last 22 weeks.
Multi-asset products are also in slight losses this past week with total outflows for the year tapping $32 million.
Meanwhile, amidst losses from BTC and ETH, altcoins like Ripple (XRP) and Solana (SOL) recorded inflows of $0.66 million and $0.31 million following investor confidence in the other altcoins.
At press time, the price of Bitcoin trades at $26,337, way below this year’s $31,000 high after the BlackRock ETF application followed by several firms making similar moves showing a renewed institutional investment.
Despite this, bulls are keen on a change in the status quo and this can be seen in the week-on-week reports so far.
In the previous report, weekly outflows in investment products totaled $54 million with a staggering eight weeks sum of $455 million. BTC also led the pack with $45 million in exits, 85% of the total volume.
Ethereum on the other hand recorded limited outflows of $4.8 million with the United States posting the highest number of exits.
It has been widely noted that the UK market
Read more on cryptonews.com
