Wednesday, May 31, 2023
HomeUncategorizedSmall cryptocurrency product outflows break six-week inflow record

Small cryptocurrency product outflows break six-week inflow record

Digital asset investment products saw a small outflow of $17 million last week.

While outflows broke a six-week streak of inflows, the latest CoinShares report hesitated to suggest it could be a “major shift in sentiment.”

The past few weeks have also seen low volumes and mixed markets, often resulting in relatively small, albeit positive, overall volumes.

However, reports over the past week have highlighted small outflows from a large number of suppliers, adding that the recovery in prices indicates a small amount of profit-taking.

Globally, the Americas experienced capital outflows, while Europe persisted in large inflows in several countries.

Canada saw the most outflows of $25 million out of crypto products last week, followed by the United States with $9.5 million and Brazil with $1 million.

This is the second week in a row that Canada has seen such massive outflows. At the same time, $13.9 million was injected into crypto products in Germany and $6.7 million in Sweden.

Short-term Bitcoin shows small inflows

After a week of minor, Bitcoin-based products emerged over the past week most of the outflows, totaling $21 million.

The second week of outflows brings the month-to-date outflows to $29 million. On the other hand, small inflows shorting Bitcoin totaled $2.6 million.

The inflow of Ethereum was negligible overall, at only $100,000. It was one of a string of altcoins that saw inflows totaling $3.9 million last week.

With the same small amount to be considered, there is no obvious standout except for Uniswap. While its accrued inflow of $100,000 was virtually indistinguishable from the others, it represented a remarkable 6.6% relative to its total assets under management of $1.3 million.

Meanwhile, inflows into blockchain stocks were $8 million last week. This comparison to direct digital assets suggests an improvement in sentiment, the report said.

However, its year-to-date inflows of $15.5 million currently suggest it remains fairly tepid.


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