Bitcoin and Altcoin Investment Products Experienced Blood Loss Last Week: Updated Report!

  • Regionally, the US witnessed an inflow of $263 million, but Canada and Europe collectively experienced an outflow of $297 million.
  • Bitcoin experienced a slight outflow of $25 million, but with a trading volume of $11.8 billion, it represents 63% of the Bitcoin volume on reputable exchanges.
  • In the US, existing high-cost issuers have faced an outflow of $2.9 billion since the launch of newly issued spot-based ETFs on January 11, 2024.

Digital asset investment products experienced money outflows last week: Outflows in Grayscale Investments are noteworthy!

Digital Asset Investment Products Are Losing Ground

cryptocurrency

Digital asset investment products experienced a slight outflow of $21 million last week, but this top-line number masks the very high trading volumes totaling $11.8 billion in Bitcoin alone last week, which is 7 times the normal weekly trading volume in 2023.

Regionally, the US witnessed an inflow of $263 million, but Canada and Europe collectively experienced an outflow of $297 million, indicating a small migration of assets to the US, which currently has more competitive fees.

Bitcoin experienced a slight outflow of $25 million, but with a trading volume of $11.8 billion, it represents 63% of the Bitcoin volume on reputable exchanges, indicating that ETP activity currently dominates overall trading activity.

Digital-Investments-Report
CoinShares Report

Issuers in the US faced losses

Existing high-cost issuers in the US faced an outflow of $2.9 billion since the launch of newly issued spot-based ETFs on January 11, 2024. These newly issued ETFs have received a total of $4.13 billion in inflows since their launch, surpassing the amount lost from higher-cost existing ETPs. Investors saw an opportunity to add to short Bitcoin investment products during price weakness and saw an inflow of $13 million.

Altcoins suffered losses, with Ethereum and Solana experiencing outflows of $14 million and $8.5 million, respectively. Blockchain stocks received an additional $767 million in large inflows over the past 9 weeks.

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