Crypto investment products saw their second consecutive week of outflow this year, with $500 million leaving the funds, according to CoinShares’ latest weekly report.
Bitcoin dominate
Bitcoin investment products experienced significant outflows last week, with a total withdrawal of $479 million.
The top cryptocurrency has faced significant headwinds since the U.S. Securities and Exchange Commission (SEC) approved spot exchange-traded funds (ETF) in the country. Its value has declined by more than 12% to around $42,500 as of press time.
This downturn has spurred bearish investors to turn to short BTC products, resulting in nearly $11 million in inflows last week.
Conversely, prominent alternative digital assets like Ethereum, Polkadot, and Chainlink also saw outflows, with $39 million, $700,000, and $600,000, respectively. However, Solana defied this trend by recording a modest inflow of $3 million.
Across regions, U.S.-based funds dominated the scene, experiencing net outflows of $409 million. Switzerland and Germany followed with outflows of $60 million and $32 million, respectively. Brazil emerged as the exception, with the most significant net inflows of $10.3 million.
“Recent price declines prompted by the substantial outflows from the incumbent ETF issuer (Grayscale) in the U.S. totaling $5 billion, have likely prompted further outflows from other regions,” CoinShares Head of Research James Butterfill explained.
Grayscale outflows ‘subside’
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