Crypto CoinShares Reports $251M Digital Asset Outflows for Fourth Consecutive Week

• Digital assets are experiencing outflows for the fourth consecutive week, with a total of $251 million. This marks the first time that newly issued ETFs in the US have seen “measurable outflows”, totaling $156 million last week.
• The average purchase price of these ETFs since their launch is estimated to be $62,200 per bitcoin. With the price dropping 10% below this level, it is speculated that automatic sell orders may have been triggered.
• Bitcoin remains the primary focus of these outflows, totaling $284 million. It is the only digital asset to have seen outflows this week.

Digital asset investment products have seen outflows for the fourth week in a row, with Bitcoin being the primary focus. This article explores the details and potential implications of this trend.

Bitcoin Outflows Dominate

Bitcoin, the largest and most well-known cryptocurrency, has seen outflows totaling $284 million. This makes it the only digital asset to have seen outflows this week, highlighting the current bearish sentiment towards Bitcoin.

Ethereum Breaks Outflow Trend

Contrary to Bitcoin, Ethereum has broken its seven-week spell of outflows, attracting $30 million in inflows last week. This suggests a shift in investor sentiment towards Ethereum, potentially indicating a growing interest in its utility and future potential.

Altcoins See Inflows

Various altcoins have also seen inflows, with investment products designed to provide exposure to Avalanche, Cardano, and Polkadot receiving $0.5 million, $0.4 million, and $0.3 million respectively. Solana and Litecoin also saw inflows of $0.3 million and $0.1 million respectively over the same period.

Regional Outflows

Regionally, the United States recorded the highest outflows at $504 million. Sweden also saw significant outflows, totaling $30.3 million. Other countries such as Canada, Switzerland, and Germany experienced weekly outflows of $9.6 million, $9.8 million, and $7.3 million respectively. However, Brazil deviated from this trend, seeing inflows of $3.7 million.

Conclusion

The past week has seen a continuation of the outflow trend in digital asset investment products, particularly in Bitcoin. However, Ethereum and various altcoins have seen inflows, suggesting a potential shift in investor sentiment. Regionally, the United States has seen the highest outflows, while Brazil has seen inflows. The coming weeks will reveal whether these trends continue or reverse.