Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Digital Asset Fund Flows Report Reveals Significant Outflows Amid Market Correction

Blockchainnews2024/06/24 12:58
By:Alvin Lang

According to CoinShares, the latest Digital Asset Fund Flows Weekly Report indicates a significant market correction with digital asset investment products experiencing a second consecutive week of outflows, totaling $584 million. This downturn has resulted in a total reduction of $1.2 billion.

Bitcoin (BTC) Leads the Outflows

Bitcoin (BTC) was the primary focus of these outflows, suffering a substantial $630 million withdrawal. Despite this negative sentiment, investors did not increase their short positions, with short Bitcoin seeing $1.2 million in outflows.

Regional Impact

The United States experienced the largest outflows at $475 million, followed by Canada with $109 million. Germany and Hong Kong also recorded outflows of $24 million and $19 million, respectively. In contrast, Switzerland and Brazil saw inflows of $39 million and $48.5 million, respectively.

Ethereum (ETH) and Altcoins

Ethereum (ETH) was not immune to the negative sentiment, witnessing outflows of $58 million. However, several altcoins saw inflows due to recent price weaknesses. Solana (SOL), Litecoin (LTC), and Polygon (MATIC) saw inflows of $2.7 million, $1.3 million, and $1 million, respectively.

Multi-Asset Products See Inflows

Interestingly, multi-asset products bucked the trend, recording $98 million in inflows. This suggests that investors are viewing the weakness in the altcoin market as a buying opportunity.

Market Context

The report also highlighted that last week saw the lowest trading volumes on Exchange-Traded Products (ETPs) globally since U.S. ETFs were launched in January, with a total of just $6.9 billion traded for the week.

For further details, the full report can be accessed on the CoinShares blog .

Image source: Shutterstock
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

Cryptocurrency Statement from Visa: “The Future Will Be Different”

Visa's cryptocurrency manager, Cuy Sheffield, spoke about the future of the industry in his statement. Here are the details.

Bitcoinsistemi2024/09/20 22:15

Will Altcoin Season Begin? Analytics Company Gives Its Opinion

Is there a possibility of a rally on the altcoin side after the FED makes a big interest rate cut? The analysis company shared.

Bitcoinsistemi2024/09/20 22:15

Michael Saylor’s Bitcoin Claim Dropped Like a Bomb: “According to Credible Rumors…”

MicroStrategy board chairman Michael Saylor touched on a Bitcoin claim in his statement.

Bitcoinsistemi2024/09/20 22:15