In recent news, crypto investment products have seen outflows for the ninth week in a row. This is based on the most recent statistics from the “Digital Asset Fund Flows Report” issued by CoinShares. CoinShares is a crypto investing organization based in Europe. According to the study, these outflows totaled $5.1 million. This resulted in a total loss of $423 million during the previous nine weeks.
While the downward trend continues, there is some hope at the end of the week. BlackRock, one of the world’s top asset managers, made news after submitting an application in the United States for a Bitcoin exchange-traded product (ETP). This news resulted in slight inflows, but not enough to counteract the earlier outflows recorded over the week. This simply resulted in the outflow streak continuing.
When we look at the regional breakdown more closely, we see that the United States and Germany suffered the most. They received tiny inflows of $3.7 million and $2.4 million, respectively. The United States maintained its lead in overall inflows year to date, at $277 million.
Canada, on the other hand, encountered difficulties, with outflows totaling $277 million. Despite improved regulatory conditions in Hong Kong, there has been no discernible increase in flows. Furthermore, the total assets under management remain low.
NEWS: 📉Crypto Investment Products Experience Outflows for Ninth Consecutive Week. #investing
— Walletor (@walletorapp) June 19, 2023
The previous week’s altcoin price drop prompted some investors to boost their holdings. This resulted in an estimated $2.4 million influx. These inflows were concentrated in notable cryptocurrencies such as XRP, Cardano, and Polygon.
However, Ether saw the most outflows for the week, reaching roughly $5 million. Tron and Avalanche both experienced outflows of $0.4 million. Furthermore, blockchain equities saw strong outflows of $12.3 million.
BlackRock’s proposal for the first Bitcoin exchange-traded fund (ETF) is a significant move. If it is authorized, it might lead to a more bullish perspective in the current market
Finally, the market for digital currencies has seen a persistent pattern of outflows in investment products for the ninth week in a row. Despite an appearance of optimism from BlackRock’s proposal for a Bitcoin exchange-traded product, inflows were insufficient to offset the overall outflow trend.