Digital Assets Saw $107M of Outflows Last Week
Bitcoin was the primary focus, having the largest weekly outflows since March.
Takeaways
- Digital asset investment products saw outflows this week, totalling US$107m with profit taking gathering pace in recent weeks.
- Bitcoin was again the primary focus, seeing outflows totalling US$111m, the largest weekly outflows since March.
- Altcoins sentiment seems to be improving though and offset the outflows in Bitcoin and Ethereum. Solana saw the largest inflows, totalling US$9.5m.
Digital asset investment products saw outflows this week, totalling US$107m with profit taking gathering pace in recent weeks. The summer doldrums are in full force with weekly trading volumes in investment products 36% below the year-to-date average, but in the broader on-exchange market volumes have suffered more, down 62% relative to the YTD average.
Regionally, the outflows were focussed on two ETP providers in Germany and Canada, which saw US$71m and US$29m in outflows respectively.
Bitcoin was again the primary focus, seeing outflows totalling US$111m, the largest weekly outflows since March, when US regulatory scrutiny began escalating. For the first time in 14 weeks, the outflows into short bitcoin have stopped.
Ethereum saw outflows totalling US$6m, bringing total outflows in both Bitcoin and Ethereum to US$117m last week.
Altcoins sentiment seems to be improving though and offset the outflows in Bitcoin and Ethereum. Solana saw the largest inflows, totalling US$9.5m, the largest single week of inflows since March 2022.
Other notable mentions were XRP and Litecoin, with inflows of US$0.5m and US$0.46m respectively. Uniswap and Cardano saw outflows of US$0.8m and US$0.3m respectively.
Contact James Butterfill at [email protected]