Despite bitcoin’s (BTC-USD) double-digit share return final week, outflows from digital asset funding merchandise totaled $32M, marking the most important weekly capital flight since late December 2022, based on a latest CoinShares report.
Outflows reached as excessive as $62M mid-way via the week ended Feb. 17, although sentiment improved by Friday with inflows of $30M.
While final week’s total destructive tone amongst exchange-traded product traders was not expressed in bitcoin’s (BTC-USD) worth appreciation, the upswing pushed whole property below administration to their highest stage since August 2022, at $30B, the report famous.
“We believe this is due to ETP investors being less optimistic on recent regulatory pressures in the US relative to the broader market.”
Of course, bitcoin (BTC-USD) accounted for a majority of the destructive sentiment, with outflows of virtually $25M. On high of that, short-bitcoin merchandise skilled $3.7M of inflows.
Across the board, sentiment was “very mixed,” CoinShares mentioned. Some of the key tokens that noticed outflows included ethereum (ETH-USD) ($7.2M), cosmos (ATOM-USD) ($1.6M), polygon (MATIC-USD) ($800K) and avalanche (AVAX-USD) ($500K). By distinction, Aave (AAVE-USD), fantom (FTM-USD) and binance coin (BNB-USD) noticed inflows of as much as $360K.
Seeking Alpha contributor Kennan Mell mentioned he continues to carry bitcoin (BTC-USD) because the “rapid adoption” of the community overshadows the token’s latest worth swoon.