Crypto investment products continue to experience a streak of outflows for the third consecutive week, totaling $30 million, with Ethereum taking the biggest hit of $61 million, according to a recent report from CoinShares. While Bitcoin saw inflows of $10 million, Ethereum witnessed outflows. This marks a significant improvement compared to the previous report, where Bitcoin products experienced an outflow of $630 million. The total assets held across all Bitcoin ETPs have now reached a staggering $67.57 billion.
Apart from Bitcoin, other digital assets also saw inflows last week. Multi-asset ETP attracted $18 million, and several altcoin-related ETPs recorded positive netflows, including Solana ($1.6 million), Litecoin ($1.4 million), Chainlink ($600,000), and XRP ($300,000).
On the other hand, Ethereum ETPs recorded their largest outflow since August 2022, with a total of $61 million. In the past two weeks, Ethereum’s outflow has reached $119 million, making it the worst-performing asset in terms of net flows this year. The assets under management (AUM) across Ethereum’s ETPs currently stand at $14.35 billion.
Market watchers are eagerly awaiting the SEC’s approval of S-1 documents for multiple spot Ethereum exchange-traded funds (ETFs). Analysts have made predictions about the potential approval, with forecasts ranging from July 2, 2024, to approval in the coming days.
In terms of regional flows, the United States, Brazil, and Australia witnessed inflows of $43 million, $7.6 million, and $2.9 million, respectively. However, negative sentiments affected crypto investment products in Germany, Hong Kong, Canada, and Switzerland, resulting in outflows of $29 million, $23 million, $14 million, and $13 million, respectively.
When it comes to flows by providers, Grayscale’s converted Bitcoin Trust ETF had the highest outflow of $153 million. 21Shares AG and CoinShares’ XBT also experienced outflows of $29 million and $6 million, respectively. On the other hand, BlackRock’s Bitcoin ETF attracted $84 million in inflows, followed by the ARK21Shares ETF with $27 million worth of investments. Bitwise and Fidelity ETFs also saw inflows of $15 million and $13 million, respectively.
Please note that the information provided in this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.