- Coinshares reports a $251 million outflow in Bitcoin and cryptocurrency investment products last week.
- Despite the weekend surge in Bitcoin and altcoins, the majority of fund outflows were seen in Bitcoin.
- Ethereum (ETH) breaks its 7-week outflow streak, recording an inflow of $30 million.
Coinshares reports a significant $251 million outflow in cryptocurrency investment products, with Bitcoin seeing the majority of the outflows. Meanwhile, Ethereum breaks its outflow streak, hinting at a potential shift in investor sentiment.
Bitcoin Sees Major Outflows
According to Coinshares, Bitcoin was the main focus of the outflows, recording a significant $284 million outflow. This marks the fourth consecutive week of outflows in cryptocurrency investment products, overshadowing the $307 million inflow into Hong Kong ETFs.
Ethereum Breaks Outflow Streak
In an unusual turn of events, Ethereum broke its 7-week outflow streak, recording an inflow of $30 million. This suggests a potential shift in investor sentiment towards the second-largest cryptocurrency by market cap. Other altcoins such as Avalanche (AVAX), Litecoin (LTC), Polkadot (DOT), and Solana (SOL) also saw inflows, albeit on a smaller scale.
Regional Fund Inflows and Outflows
Looking at regional fund inflows and outflows, the United States led the way with a $504 million outflow. This was followed by Sweden with a $30.3 million outflow. On the other hand, Hong Kong and Brazil saw inflows of $306.5 million and $3.7 million respectively.
Conclusion
The recent outflows from Bitcoin and inflows into Ethereum and other altcoins may suggest a shift in investor sentiment. While it’s too early to determine if this is a long-term trend, it’s a development that warrants close monitoring. As always, investors are advised to conduct their own research and exercise caution when investing in volatile assets like cryptocurrencies.
