The latest report from CoinShares shows that the digital asset investment products experienced outflows totaling $600 million during the last week. This was the outcome of the more hawkish-than-expected FOMC meeting.
Bitcoin ETF Outflow Skyrocketed Last Week
Outflows from the US spot Bitcoin ETFs contributed the most to a majority of the outflows last week. Grayscale’s GBTC ETF saw the largest outflows, with $274.3 million leaving the higher-fee fund. This was followed by Ark Invest’s ARKB and Fidelity’s FBTC, which experienced net outflows of $149.7 million and $146.3 million, respectively.
On the other hand, BlackRock’s IBIT was the only spot Bitcoin ETF registered net inflows last week, recording inflows of $41.6 million last week. As a result, the total net inflows in spot Bitcoin ETFs since inception dropped to $15.1 billion.
Before the last week, the spot Bitcoin ETFs recorded 19 consecutive days of heavy inflows bringing in more than $4 billion during this period. However, this streak of inflows ended last Monday, when the ETFs recorded $64.9 million in net outflows. In the three days in and around the FOMC meeting, the spot Bitcoin ETFs saw outflows to the tune of $200 million per day.
BTC Led the Total Outflows From Global Investment Products
Outflows totaling $621 million were exclusively directed towards Bitcoin, reflecting prevailing bearish sentiment. Additionally, there were inflows of $1.8 million into short Bitcoin positions. As a result, the Bitcoin price ended 7% negative during the last week.
“These outflows and recent price sell-off saw total assets under management (AuM) fall from above US$100bn to US$94bn over the week,” wrote James Butterfill in his CoinShares report.
Also, the trading volumes for the last week dropped to US$11bn, in comparison to the average $22 billion of weekly trading volume this year. However, this is still well above the $2 billion a week registered last year.
In terms of regional trends, the majority of outflows amounting to $565 million were observed in the US. However, negative sentiment was not limited to the US alone, as Canada, Switzerland, and Sweden also experienced outflows of $15 million, $24 million, and $15 million, respectively. In contrast, Germany saw inflows of $17 million, marking an exception to the overall trend of outflows.
The post Hawkish Fed Stand Led to $620 Million Outflows from Bitcoin Last Week appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed