CoinShares Reports $2.9B Outflow From Digital Asset Investment Products Last Week
In Brief
CoinShares’ report marks the largest weekly outflow from digital asset investment products on record, totaling $2.9 billion, bringing the three-week cumulative outflow to $3.8 billion.
European alternative asset manager CoinShares, which specializes in digital assets, has released its latest report highlighting a third consecutive week of outflows from digital asset investment products. The report marks the largest weekly outflow on record, totaling $2.9 billion, and bringing the three-week cumulative outflow to $3.8 billion.
According to CoinShares, multiple factors contributed to this trend, including the recent security breach at Bybit, a more aggressive stance from the Federal Reserve, and the preceding 19-week inflow streak that accumulated $29 billion. These factors likely triggered a combination of profit-taking and a shift in market sentiment.
Outflows were observed across most regions, with the largest occurring in the US registering an outflow of $2.87 billion, followed by Switzerland with $73 million and Canada with $16.9 million. However, German investors viewed the price dip as a buying opportunity, leading to $55.3 million in inflows.
Bitcoin experienced the most significant impact from this sentiment shift, registering $2.59 billion in outflows last week, while short Bitcoin products saw minor inflows of $2.3 million. Ethereum was also affected, recording its highest-ever weekly outflow of $300 million. Other altcoins, including Solana and Ton, saw outflows of $7.4 million and $22.6 million, respectively.
On the other hand, Sui emerged as the top performer, attracting $15.5 million in inflows, followed by XRP with $5 million. Despite these gains, blockchain equities were not immune to the negative trend, experiencing outflows of $25.3 million.
Bitcoin Surges Past $92,000 Mark, While Ethereum Gains 5.49% As Crypto Market Cap Reclaims $3T
At the time of writing, BTC is trading at $92,659 million, reflecting a 7.67% increase over the past 24 hours. The leading cryptocurrency fluctuated between a low of $85,061 and a high of $94,810 within the same period.
Meanwhile, ETH is currently priced at $2,359, marking a 5.49% gain in the past day. The second-largest cryptocurrency saw a 24-hour low of $2,179 and a peak of $2,541.
The overall cryptocurrency market has experienced significant growth, with the global market capitalization surging by 6.81% in the past 24 hours, surpassing the $3 trillion mark once again. Additionally, total market trading volume has seen a sharp 209% increase, reaching $209 billion.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
