Digital asset investment products experienced outflows for the fourth consecutive week, amounting to $251 million. The past week marked the first “measurable outflows” from newly issued ETFs in the US, totaling $156 million last week.
According to the latest edition of Digital Asset Fund Flows Weekly Report, the average purchase price of these ETFs since their launch is estimated to be $62,200 per bitcoin. As the price dropped 10% below this level, the Singaporean asset manager speculated that it may have triggered automatic sell orders.
- Bitcoin remained the primary focus, with outflows totaling $284 million. It is not surprising that Bitcoin was the only digital asset to see outflows.
- Meanwhile, Ethereum broke its seven-week spell of outflows, attracting $30 million in inflows last week.
- Various altcoins saw inflows followed suit as well.
- Notably, investment products designed to provide exposure to Avalanche, Cardano, and Polkadot, received $0.5 million, $0.4 million, and $0.3 million respectively.
- Solana and Litecoin also settled for $0.3 million and $0.1 million inflows respectively over the same period.
- Regionally, outflows were mainly concentrated in the United States which recorded $504 million. Sweden also witnessed $30.3 million outflows.
- This bearish sentiment was seen across other countries as well such as Canada, Switzerland, and Germany which experienced weekly outflows of $9.6 million, $9.8 million, and $7.3 million respectively.
- Deviating from this trend, Brazil saw inflows of $3.7 million.
- Additionally, the positive highlight last week was the successful launch of spot Bitcoin and Ethereum ETFs in Hong Kong, attracting almost $307 million in inflows in the first week of trading.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://cryptopotato.com/digital-asset-outflows-reaches-251m-for-fourth-straight-week-coinshares/
- :is
- :not
- $3
- 1
- 200
- 2024
- 4
- 5
- 6
- 7
- 8
- a
- Account
- across
- AI
- almost
- also
- Altcoins
- and
- AS
- asset
- At
- attracting
- Automatic
- Avalanche
- average
- background
- BE
- bearish
- below
- Bitcoin
- bitcoin and ethereum
- border
- Brazil
- Broke
- Bybit
- Bybit exchange
- Canada
- Cardano
- CoinShares
- color
- Concentrated
- consecutive
- content
- countries
- CryptoPotato
- designed
- digital
- Digital Asset
- dropped
- edition
- end
- enjoy
- estimated
- ETFs
- ethereum
- ethereum broke
- exchange
- Exclusive
- experienced
- Exposure
- external
- First
- Flows
- Focus
- followed
- For
- Fourth
- Free
- from
- fund
- Germany
- Have
- Highlight
- Hong
- Hong Kong
- HTTPS
- in
- inflows
- internal
- investment
- Issued
- IT
- ITS
- jpg
- Kong
- Last
- latest
- launch
- Level
- like
- Litecoin
- mainly
- manager
- Margin
- marked
- May..
- might
- million
- New
- newly
- None
- of
- offer
- on
- only
- open
- orders
- Other
- outflows
- over
- past
- per
- period
- plato
- Plato Data Intelligence
- PlatoData
- Polkadot
- position
- positive
- price
- primary
- Products
- provide
- purchase
- Reaches
- readers
- Reading
- receive
- received
- recorded
- register
- report
- same
- saw
- see
- seen
- sell
- sentiment
- Settled
- Share
- since
- Singaporean
- solid
- SPELL
- Sponsored
- Spot
- States
- straight
- successful
- such
- Suit
- surprising
- Sweden
- switzerland
- that
- The
- their
- These
- this
- to
- totaling
- Trading
- Trend
- triggered
- United
- United States
- us
- was
- week
- weekly
- welcome
- welcome offer
- WELL
- were
- which
- with
- witnessed
- Your
- zephyrnet
More from CryptoPotato
Judge ‘Not Inclined’ to Allow SEC Access to Binance Software
Source Node: 2278946
Time Stamp: Sep 19, 2023
Ghana’s Vice President: African Countries Should Embrace Digital Currencies
Source Node: 998243
Time Stamp: Jul 29, 2021
UK Treasury Launches Inquiry on Crypto-Related Risks and Opportunities
Source Node: 1574161
Time Stamp: Jul 14, 2022
Ethereum Median Gas Fee Hit 12-Month High Amid Memecoin Resurgence
Source Node: 2083098
Time Stamp: May 5, 2023
BitcoinOrg Hacked: Giveaway Scam Promising Users to Double Their BTC
Source Node: 1089101
Time Stamp: Sep 23, 2021
21Shares Parent Fetches $25M Funding, Post-Money Valuation Hits $2B
Source Node: 1654623
Time Stamp: Sep 6, 2022
Hashstack Secures $1M Seed Funding to Bring Under-Collateralized Loans to DeFi
Source Node: 1621643
Time Stamp: Mar 6, 2022
Acala’s Karura Swap Becomes the First DEX on Polkadot’s Kusama
Source Node: 988715
Time Stamp: Jul 23, 2021
Someone Paid $500K in ETH Fees to Mint 950 Tubby Cat NFTs
Source Node: 1185948
Time Stamp: Feb 24, 2022
ETH Price Analysis: Ethereum Down 5% Daily but is a Reversal in Play?
Source Node: 1328536
Time Stamp: May 27, 2022
Polar Sync Raises $5M to Accelerate Dev of Indexing & Query Solutions for Blockchain Apps
Source Node: 1090073
Time Stamp: Sep 29, 2021