The post Digital Asset Fund Flows Report Reveals Significant Outflows Amid Market Correction appeared on BitcoinEthereumNews.com.

According to CoinShares, the latest Digital Asset Fund Flows Weekly Report indicates a significant market correction with digital asset investment products experiencing a second consecutive week of outflows, totaling $584 million. This downturn has resulted in a total reduction of $1.2 billion. Bitcoin (BTC) Leads the Outflows Bitcoin (BTC) was the primary focus of these outflows, suffering a substantial $630 million withdrawal. Despite this negative sentiment, investors did not increase their short positions, with short Bitcoin seeing $1.2 million in outflows. Regional Impact The United States experienced the largest outflows at $475 million, followed by Canada with $109 million. Germany and Hong Kong also recorded outflows of $24 million and $19 million, respectively. In contrast, Switzerland and Brazil saw inflows of $39 million and $48.5 million, respectively. Ethereum (ETH) and Altcoins Ethereum (ETH) was not immune to the negative sentiment, witnessing outflows of $58 million. However, several altcoins saw inflows due to recent price weaknesses. Solana (SOL), Litecoin (LTC), and Polygon (MATIC) saw inflows of $2.7 million, $1.3 million, and $1 million, respectively. Multi-Asset Products See Inflows Interestingly, multi-asset products bucked the trend, recording $98 million in inflows. This suggests that investors are viewing the weakness in the altcoin market as a buying opportunity. Market Context The report also highlighted that last week saw the lowest trading volumes on Exchange-Traded Products (ETPs) globally since U.S. ETFs were launched in January, with a total of just $6.9 billion traded for the week. For further details, the full report can be accessed on the CoinShares blog. Image source: Shutterstock Source: https://blockchain.news/news/digital-asset-fund-flows-report-reveals-significant-outflows

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Filed under: News - @ June 24, 2024 6:20 pm