Digital Asset Products Saw $7M in Outflows Last Week
Macro data prompted cautiousness among investors.
Takeaways
- Digital asset investment products saw minor outflows totalling US$7m last week following a week of macro data that significantly beat expectations to the upside.
- The focus was primarily Bitcoin, which saw outflows totalling US$10.9m, although there were also outflows from short-bitcoin investment products totalling US$3.5m.
- Investors seem to be more discerning this year, with select coins performing well, while overall 10 altcoins saw inflows last week totalling US$4.8m.
Digital asset investment products saw minor outflows totalling US$7m last week following a week of macro data that significantly beat expectations to the upside, leaving some investors spooked by the prospect of additional rate hikes by the US Federal Reserve.
Regionally, there is a divergence in sentiment with Europe seeing inflows totalling US$4.7m, primarily Germany with US$8.3m of inflows. While the Americas saw outflows totalling US$11.7m, primarily the US with outflows of US$10.4m.
The focus was primarily Bitcoin, which saw outflows totalling US$10.9m, although there were also outflows from short-bitcoin investment products totalling US$3.5m.
Multi-asset investment products saw outflows totalling US$2.4m last week, representing the 11th consecutive week of outflows. Investors seem to be more discerning this year, with select coins performing well, such as Ethereum with inflows of US$5.1m last week. Cosmos (enabling interoperability between chains) saw inflows totalling US$1.8m, nearly doubling its AuM (Assets Under Management). 10 altcoins saw inflows last week totalling US$4.8m.
Blockchain equities remain in favour with inflows totalling US$6.7m last week, bringing year-to-date inflows to US$11m.
Contact James Butterfill at [email protected]
