Crypto asset investment products faced a challenging series of consecutive weeks with outflows reaching $435 million, marking the most significant outflow since March of this year. Despite the slowdown in Grayscale’s outflows, new issuers also experienced a slowdown in inflows, only collecting $126 million last week.
Most of the outflows, totaling $388 million, were concentrated in the US market, highlighting a notable decline. However, it is important to acknowledge that inflows have remained strong, reaching $13.6 billion since the beginning of the year.
In terms of details, Grayscale experienced a significant decline with $440 million leaving its portfolio, marking the lowest performance in the past nine weeks.
Meanwhile, Germany and Canada struggled with negative sentiment, witnessing outflows of $16 million and $32 million respectively. In contrast, Switzerland and Brazil challenged this trend, recording inflows of $5 million and $4 million respectively.
Bitcoin and Ethereum bore the brunt of the outflows, with $423 million and $38 million leaving these assets respectively. However, there is a glimmer of hope as various altcoins have attracted investor attention. Multi-coin investment products saw a modest increase with $7 million in inflows, while altcoins such as Solana, Litecoin, and Chainlink continued to shine with inflows of $4 million, $3 million, and $2.8 million respectively.
In terms of trading volumes, ETPs experienced a decline coinciding with a 6% drop in Bitcoin prices. The figure dropped from $18 billion to $11.8 billion. Despite these challenges, the crypto market continues to remain dynamic, offering opportunities amidst evolving trends and investor sentiments.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
