$305 Million Pulled from Crypto Investment Products This Week
TOKEN
ADA
SOL
ARK
MM
- Crypto investment products saw outflows of $305 million last week.
- Bitcoin and Ethereum products led the outflows, with $319M and $5.7M respectively.
The global crypto market has briefly revived from the market dip, with the total market cap bouncing back to $2.05 trillion, marking a 0.23% increase. Notably, the trading volume has surged by 66.12% to $60.11 billion in the last 24 hours. Meanwhile, the digital asset investment products saw outflows totaling $305 million last week.
Global crypto investment asset managers such as Ark Invest, Bitwise, Fidelity, Grayscale, BlackRock, ProShares, and 21Shares returned to net outflows last week. According to CoinShares’ report, the total net inflows for all issuers amounted to $543 million in the past week. Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) were the dominant tokens influencing the market flows.
Recent reports reveal that the digital investment asset markets globally have undergone remarkable outflows. Notably, the US markets saw outflows totaling $318 million, with Germany noting an outflow of $7.3 million. Comparatively, Sweden witnessed a smaller outflow of $4.3 million. Meanwhile, Canada and Switzerland saw minor inflows of $13.2 million and $5.5 million, respectively.
CoinShares Head of Research James Butterfill stated that the outflows came amid the widespread negative sentiment evident across various providers and regions, which is driven by stronger-than-expected economic data in the US, which “diminished the likelihood of a 50-basis point interest rate cut.”
A Downturn in Investment Product Sentiment?
The largest cryptocurrency, Bitcoin, has witnessed investment products in net outflows of $319 million over the last week. Moreover, the short Bitcoin funds observed a second week of consecutive inflows since March, totaling $4.4 million. Bitcoin spot ETFs had a weekly net outflow of $277.12 million.
Meanwhile, the largest altcoin, Ethereum, noted a $5.7 million outflow. While the Ethereum spot ETFs observed a weekly net outflow of $12.60 million. However, Solana saw $7.6 million in inflows. Blockchain has seen $11 million in inflows, notably into Bitcoin miner-specific investment products.
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