Digital asset investment products experienced a continued trend of outflows last week, totaling a substantial $251 million. Notably, this period marked the first instance of measurable outflows from newly issued Exchange-Traded Funds (ETFs) in the United States, amounting to $156 million.
It’s worth noting that these ETFs were launched amid high anticipation, with an estimated average purchase price of $62,200 per bitcoin. However, as the price of bitcoin declined by 10% below this level, it likely triggered automatic sell orders, contributing to the outflow.
Inflows Rebound With Spot-Based ETF Launch
Despite the overall outflow trend, there was a notable bright spot with the successful launch of spot-based Bitcoin ETF and Ethereum ETF in Hong Kong. In their inaugural week of trading, these ETFs garnered impressive inflows amounting to $307 million. Bitcoin remained the focal point, witnessing significant outflows totaling $284 million.
However, Ethereum broke its seven-week streak of outflows, attracting $30 million in inflows. Additionally, a variety of altcoins experienced inflows, with notable contributions from Avalanche, Cardano, and Polkadot, receiving $0.5 million, US$0.4 million, and $0.3 million, respectively.
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Regional Outflow Trend and Price Analysis
While the outflows predominantly affected the United States, which experienced a substantial US$504 million in outflows, other regions also observed notable trends. Canada, Switzerland, and Germany recorded outflows totaling US$9.6 million, US$9.8 million, and US$7.3 million, respectively.
These regional variations highlight the global impact of digital asset investment trends and the diverse factors influencing investor behavior across different markets. As of today, the live price of Bitcoin (BTC) stands at $64,047.678, with a 24-hour trading volume of $25.8 billion. Over the past 24 hours, Bitcoin has surged by 0.36%.
Currently, Bitcoin is trading within the range of $64,347.32 and $63,027.29, reflecting the dynamic nature of cryptocurrency markets. With a live market cap of $1.2 trillion, Bitcoin continues to be a significant player in the digital asset space, demonstrating resilience and ongoing investor interest.
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The post Bitcoin & ETH Records $251M Outflow Last Week, But There’s A Catch appeared first on CoinGape.
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