Crypto investment products lose $251 million in a week

📆 07/05/2024 22.48.00
📰 FXStreetNews

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Bitcoin Berita

Ethereum,Cryptocurrencies

Crypto investment products have seen consistent capital outflows for the past four weeks, according to weekly data tracked by CoinShares.

Digital asset investment products noted outflows of $251 million in the week ending May 5. CoinShares report shows Bitcoin outflows weighed as Ethereum, Avalanche, Cardano, Solana, Polkadot and Litecoin saw inflows. The launch of spot-based ETFs in Hong Kong resulted in $307 million inflows in the first week of trading.

This could be driven by a decline in demand among market participants and the recent correction in Bitcoin price, resulting in a negative sentiment among traders. A positive event was the launch of spot-based ETFs in Hong Kong. CoinShares report says that these funds registered $307 million in inflows, although these failed to offset the measurable outflows of crypto investment products in the US.

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Global crypto investment products' weekly net outflow streak exceeds $1 billionGlobal crypto investment products' four-week net outflow streak surpassed $1 billion — with a further $251 million exiting the funds last week.
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