Crypto Investment Products Experience Minor Outflows of $126 Million Amidst Stalled Price Momentum: CoinShares Report
Crypto investment products saw minor outflows totaling $126 million last week, as investors hesitated in the face of stalled positive price momentum, according to a report by CoinShares.
Despite an increase in overall volumes from $17 billion to $21 billion week-on-week, ETP/ETF activity dropped relative to the overall market, from 40% of total volumes on trusted exchanges over the last month to 31% last week.
The US saw the largest outflows, totaling $145 million, followed by Switzerland and Canada with $5.7 million and $6 million in outflows, respectively. However, investors in Germany saw recent price weakness as an opportunity, resulting in $29 million in inflows.
Bitcoin saw outflows of $110 million last week but managed to retain positive inflows month-to-date at $555 million. Ethereum suffered the most on a relative basis, with $29 million in outflows, marking its fifth consecutive week of outflows.
While Solana experienced outflows of $3.6 million, altcoins had a positive week, with inflows into Decentraland, Basic Attention Token, and LIDO.
Some investors are cautious due to stalled price momentum, while others are seizing the opportunity to invest in altcoins and lesser-known projects.
Overall, the crypto market remains dynamic and investors are navigating the landscape with varying strategies.
