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Crypto Investment Products See $147M in Net Outflows Last Week: CoinShares Report In a shift from recent trends, crypto investment products experienced significant net outflows totaling $147 million last week, according to a new report from CoinShares. The latest report, shared by James Butterfill, Head of Research at CoinShares, on Medium, revealed that this reversal comes after three consecutive weeks of inflows, signaling potential caution among investors. Leading the outflows were Bitcoin products, which saw a substantial withdrawal of $159 million, while Ethereum products also reported outflows of $28.9 million. These outflows were most prominent in the U.S., which accounted for $209 million in net outflows. However, not all regions followed this trend, as Canada and Switzerland reported notable inflows of $43 million and $34.9 million, respectively. Despite these overall outflows, multi-asset investment products continued to attract capital, recording $29 million in inflows for the 16th consecutive week, underscoring a growing interest in diversified digital asset exposure. Bitcoin Leads Outflows Amid Market Volatility Bitcoin products were at the forefront of the outflows last week, with investors pulling $159 million from the leading cryptocurrency’s investment vehicles. This marked a stark reversal from the prior trend of steady inflows into Bitcoin-focused products. The outflows suggest that investors may be taking a more cautious approach, possibly in response to recent market volatility or shifting macroeconomic conditions. The reversal in sentiment is particularly noteworthy given Bitcoin’s performance over recent months, where optimism surrounding regulatory clarity, particularly the potential approval of Bitcoin Exchange Traded Funds (ETFs) in the U.S., had fueled steady inflows. However, last week’s outflows indicate a potential shift in investor sentiment, at least temporarily. Ethereum Products Follow Suit with $28.9M Outflows Alongside Bitcoin, Ethereum investment products also experienced outflows, with $28.9 million leaving Ethereum-based funds. Despite Ethereum’s position as the second-largest cryptocurrency…

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Filed under: News - @ October 7, 2024 12:25 pm