Crypto investment products have finally registered a week of outflows after seven weeks of consecutive strong inflows and two weeks of breaking records after records. In fact, data has shown that these investment products have now set a new record for the most outflows in a week, extending the run of record creation. According to data from CoinShares, investors pulled out $942 million from crypto investment products last week to wipe $10 billion off total assets under management (AuM). Interestingly, a larger part of this outflow came from Bitcoin, as Spot Bitcoin ETFs in the US registered outflows every day.  Crypto Outflows Reach New Record High CoinShares’ weekly report on digital investment funds has revealed crypto investment products have been witnessing an influx of money for the past two months. Consequently, these products registered a seven-week run of inflows totaling $12.3 billion. Bitcoin, the largest cryptocurrency, received most of these inflows, which helped push its price to a new all-time high. Related Reading: 7 Days Of Crypto: Key Events That You Should Keep An Eye On This Week However, last week told a different tale for Bitcoin’s investment products, as Spot Bitcoin ETFs in the US registered a weak $1.1 billion in inflows which was unable to offset Grayscale’s significant $2 billion outflows. As a result, Bitcoin investment products witnessed outflows of $904 million throughout last week. Short Bitcoin products also witnessed minor outflows of $3.7 million. The negative sentiment flowed to other investment products such as Ethereum, Solana, Cardano, and multi-asset products witnessed outflows of $34.2 million, $5.6 million, $3.7 million, and $7.3 million, respectively. On the other hand, Litecoin, XRP, and Polkadot saw an increase in their respective inflows of $2 million, $1.2 million, and $5 million. Lastly, the total trading volume fell to $28 billion, two-thirds of the prior week.  In terms of region, the USA had the most outflows of $860 million. Sweden and Switzerland followed with $36.9 million and $25.2 million respectively. According to CoinShares, the reversal into a poor sentiment was largely due to hesitancy from investors. What’s Next For Bitcoin? Interestingly, last week’s outflow from Spot Bitcoin ETFs coincided with a drastic drop in the price of Bitcoin with the cryptocurrency falling to as low as $61,370. This shows how much influence these funds now have over the price of Bitcoin. Last week’s actions show investors seem to be hitting pause on their enthusiasm for spot bitcoin ETFs. Whether that pause lasts for weeks or longer remains to be seen. Related Reading: Why Is The Price Of LUNC And USTC Up Today? However, sentiment can shift quickly in the cryptocurrency market and recent price action shows the industry might be returning to bullish mode. According to data from BitMEX Research, Spot Bitcoin ETFs registered a day of net inflows yesterday. Net inflow recorded was $15.7 million, the lowest inflow day since January 26. Bulls have now taken over to push the price of Bitcoin by 5.38% in the past 24 hours. At the time of writing, Bitcoin is trading at $70,676 and could reach $73,000 again very soon. BTC price drops from $71,000 | Source: BTCUSD on Tradingview.com Featured image from Atlantic Council, chart from Tradingview.com
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