Investors pulled out $206 million from crypto investment products last week, marking a second consecutive week of outflows. The trading volumes of exchange-traded products (ETPs) also decreased slightly to $18 billion.
Bitcoin experienced the largest loss compared to other cryptocurrencies, with outflows reaching $192 million. However, there was minimal interest in short-selling, as short-bitcoin funds also saw outflows of $0.3 million. On the other hand, multi-asset funds saw positive movement, attracting $9 million in inflows.
Ethereum recorded the second-largest outflow at $34.2 million, continuing its sixth consecutive week of declining product holdings. While Bitcoin saw $368 million in positive monthly flows, Ethereum’s monthly flows remained negative with $85.4 million in outflows.
In the United States, sentiment has been mostly negative, with US ETFs experiencing outflows of $244 million, mainly from ETFs. Although newly launched ETFs managed to attract some capital, the levels were lower compared to previous weeks. Spot Bitcoin ETFs also saw a net outflow of $165 million, aligning with reduced buying activity during the US tax season. Despite this downturn, trading volumes for nine ETFs reached nearly $2.7 billion on Wednesday.
On the other hand, Canada and Switzerland reported inflows of $30 million and $8 million, respectively. Germany saw minor outflows of $8 million.
Litecoin and Chainlink attracted investor interest, with inflows of $3.2 million and $1.7 million, respectively. However, blockchain equities faced their 11th consecutive week of outflows, totaling $9 million, as concerns about the halving’s impact on mining companies persist.
It is important to note that this content is informational and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses.