There was a notable decrease in investments in digital assets, with over $2 billion withdrawn from Grayscale alone last week, according to CoinShares’ latest report.
Meanwhile, the newly introduced US ETFs experienced a surge in investments, attracting $1.8 billion in inflows last week and totaling $5.94 billion since their launch on January 11th, 2024.
- Over the past week, digital asset investment products recorded $500 million in outflows. Bitcoin, as expected, was the primary focus, witnessing outflows of $479 million, while short-bitcoin products attracted additional inflows totaling $10.6 million.
- Altcoins, on the other hand, primarily experienced outflows last week, with Ethereum seeing $39 million withdrawn and both Polkadot and Chainlink observing withdrawals of $0.7 million and $0.6 million, respectively.
- Interestingly, Solana was the only altcoin to buck the bearish trend as it amassed $3 million in inflows during the same period.
- Blockchain equities also saw increased investments, with inflows totaling $17 million last week.
- In terms of regions, the United States, Switzerland, and Germany experienced the highest outflows, amounting to $409 million, $60 million, and $32 million, respectively. Recent price drops, driven by significant outflows from the leading ETF issuer in the United States, Grayscale, totaling $5 billion since January 11, 2024, likely prompted further withdrawals in other regions.
- While Grayscale saw outflows of $2.2 billion last week, data suggests that the rate of outflows is gradually decreasing as the week progresses.
- In contrast, newly introduced US ETFs attracted inflows totaling $1.8 billion last week and have accumulated $5.94 billion in inflows since their launch, resulting in a net positive inflow of $807 million, including Grayscale’s inflows since inception.
- CoinShares noted that despite these positive flows, much of the price decline can be attributed to Bitcoin seed capital being acquired before January 11.
- Meanwhile, Brazil saw inflows of $10.3 million, while Australia received $0.3 million in investments during the same period.
The post The Good and the Bad: Bitcoin ETFs Attracted Billions Last Week but Other Digital Assets Saw Outflows appeared first on CryptoPotato.