As a crypto investor with a few years of experience under my belt, I find the recent trend of digital asset investment products experiencing outflows for the fourth consecutive week quite concerning. The past week’s “measurable outflows” from newly issued ETFs in the US, totaling $156 million, has left me feeling uneasy.
As a crypto investor, I’ve noticed that digital asset investment products have seen consecutive withdrawals for the past four weeks, totaling $251 million. This past week marked the first significant outflows from newly issued ETFs in the US, with a total of $156 million being withdrawn last week.
Based on the most recent Digital Asset Fund Flows Weekly Report, I’ve discovered that the average purchase price for each bitcoin in these ETFs since their inception is approximately $62,200. When the price dipped by around 10% below this threshold, the Singaporean asset manager pondered if this could have initiated pre-set sell orders.
- Bitcoin remained the primary focus, with outflows totaling $284 million. It is not surprising that Bitcoin was the only digital asset to see outflows.
- Meanwhile, Ethereum broke its seven-week spell of outflows, attracting $30 million in inflows last week.
- Various altcoins saw inflows followed suit as well.
- Notably, investment products designed to provide exposure to Avalanche, Cardano, and Polkadot, received $0.5 million, $0.4 million, and $0.3 million respectively.
- Solana and Litecoin also settled for $0.3 million and $0.1 million inflows respectively over the same period.
- Regionally, outflows were mainly concentrated in the United States which recorded $504 million. Sweden also witnessed $30.3 million outflows.
- This bearish sentiment was seen across other countries as well such as Canada, Switzerland, and Germany which experienced weekly outflows of $9.6 million, $9.8 million, and $7.3 million respectively.
- Deviating from this trend, Brazil saw inflows of $3.7 million.
- Additionally, the positive highlight last week was the successful launch of spot Bitcoin and Ethereum ETFs in Hong Kong, attracting almost $307 million in inflows in the first week of trading.
Read More
- PENDLE PREDICTION. PENDLE cryptocurrency
- CKB PREDICTION. CKB cryptocurrency
- EUR INR PREDICTION
- PBX PREDICTION. PBX cryptocurrency
- USD DKK PREDICTION
- ICP PREDICTION. ICP cryptocurrency
- GEAR PREDICTION. GEAR cryptocurrency
- USD VND PREDICTION
- CSIX PREDICTION. CSIX cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
2024-05-08 07:28