Crypto Investment Products Saw Outflows of $528M Weekly as US Recession Fears Grow: CoinShares
Ethereum investment products experienced net outflows of $146 million globally last week, largely due to $169.4 million in outflows from US spot Ethereum ETFs. This figure masks $430 million in net inflows into new Ethereum ETFs, overshadowed by $603 million in outflows from Grayscales ETHE fund.
Additionally, there were minor outflows observed in European ETPs, according to CoinShares report.
Bitcoin experienced massive outflows of $400 million, marking the first time in five weeks of inflows. On the other hand, short-Bitcoin saw its first notable inflows since June, amounting to $1.8 million. Solana faced weekly outflows of $2.8 million, while XRP and Litecoin recorded modest inflows of $0.4 million and $0.2 million during the same period, respectively.
Blockchain equities experienced $18 million in outflows last week, continuing the widespread trend seen across broader tech-related ETFs.
Zooming out, for the first time in four weeks, digital asset investment products witnessed outflows of $528 million. CoinShares explained that this is likely a reaction to concerns about a potential US recession, wider geopolitical issues, and market sell-offs across various asset classes.
Last week, ETP recorded trading volumes of $14.8 billion, making up only 25% of the total market, which is below the average. Additionally, a price correction from Fridays close led to a $10 billion decrease in total ETP assets under management.
Regionally, the bulk of outflows were concentrated in the United States, which experienced $531 million in outflows. Hong Kong and Germany also saw outflows of $27 million and $12 million, respectively. Next up was Sweden, with $6.8 million in weekly outflows.
Meanwhile, Switzerland and Canada appear to have capitalized on the price decline, with inflows of $28 million and $17 million, respectively. Australias inflows stood at $3.4 million, while Brazil recorded $0.1 million.
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Text source: CryptoPotato
