📰 Table Of Contents
Digital Asset Investment Products Trends
Digital asset investment products experienced a positive turnaround in sentiment as inflows reached a total of $862 million last week, almost fully recovering from the record outflows of $931 million in the prior week.
Bitcoin (BTC) products attracted almost all of the inflows, drawing around $865 million, as per a recent report by CoinShares.
ETF Activity Insights
Activity in exchange-traded funds (ETFs) has started to slow down, with daily trading turnover now at $5.4 billion, a decline of 36% compared to its peak three weeks ago. Despite this decrease, the current turnover remains significantly higher than the 2023 average of $347 million, suggesting that the initial market hype is gradually cooling off.
Regional Investor Sentiment
The United States witnessed an additional $897 million in inflows, while Europe and Canada combined experienced outflows of $49 million, bringing the year-to-date outflows for these regions to $785 million.
Cryptocurrency Specific Trends
Ethereum witnessed outflows of $19 million for the fourth consecutive week, often observed after network upgrades. In the altcoin market, there were inflows of $18.3 million last week, with Solana emerging as the top performer attracting $6.1 million in inflows.
Spot Bitcoin ETFs Movement
Spot Bitcoin ETFs saw net outflows on Monday as withdrawals from Grayscale’s Bitcoin ETF (GBTC) surged once again, reaching over $300 million. The negative flows coincide with a correction in the price of Bitcoin, which dropped 5% to as low as $66,000.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
