Categories: Payment system news

The Good and the Bad: Bitcoin ETFs Attracted Billions Last Week but Other Digital Assets Saw Outflows

There was a notable decrease in investments in digital assets, with over $2 billion withdrawn from Grayscale alone last week, according to CoinShares’ latest report.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  • Altcoins, on the other hand, primarily experienced outflows last week, with Ethereum seeing $39 million withdrawn and both Polkadot and Chainlink observing withdrawals of $0.7 million and $0.6 million, respectively.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.

superadmin

Recent Posts

Ripple’s XRP Risks Losing Spot Among Top 10 Cryptos by 2030 Unless This Crucial Shift Happens, Pundit Warns

Ripple-linked XRP may be one of the biggest names in the cryptoverse today, but its…

42 minutes ago

Billionaire Investor Chamath Palihapitiya Says Bitcoin Will Eventually Be Hacked by AI and Go to Zero

The debate over whether Bitcoin’s hashing algorithm can be hacked continues to evolve. This time,…

2 hours ago

Cardano Foundation Pushes Back on New MiCA Rules for DeFi and Staking

The Cardano Foundation has urged the European Commission not to broaden the Markets in Crypto-Assets…

6 hours ago

“1% of Global Capital Being Invested in Bitcoin Would See a Price of About $275,000,” Market Expert Reveals

Matt Crosby, a research director at Look Into Bitcoin, said in a recent interview that…

6 hours ago

Cardano Gains 1.7M New Traders Thanks to Pump.fun Integration Amid Midnight’s 2027 Block Production Shift

Cardano could be heading toward a fresh wave of adoption as market analyst Lana Valentis…

1 day ago

Ripple’s XRP at $1.3: Is a 6.8X Rally Next as Ledger Transaction Volume Explodes to $49.7 Billion?

XRP bulls may have a reason to smile after a sharp surge in on-chain transaction…

1 day ago