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Volume 167: Digital Asset Fund Flows Weekly Report

From CoinShares by James Butterfill

US$500m outflows last week, Grayscale outflows are subsiding though

  • Digital asset investment products saw significant outflows from a global perspective, totalling US$500m.
  • The outflows in Grayscale last week totalled US$2.2bn, although data suggests outflows are beginning to subside as the daily total continued to reduce towards over the week.
  • In stark contrast, newly issued US ETFs saw inflows totalling US$1.8bn last week, and since launch on 11th January 2024 have seen US$5.94bn of inflows.

Digital asset investment products saw significant outflows from a global perspective, totalling US$500m. Regionally, outflows were focussed on the US, Switzerland and Germany totalling US$409m, US$60m and US$32m respectively.

Recent price declines prompted by the substantial outflows from the incumbent ETF issuer (Grayscale) in the US totalling US$5bn (since 11th January 2024), have likely prompted further outflows other regions. The outflows in Grayscale last week totalled US$2.2bn, although data suggests outflows are beginning to subside as the daily total continued to reduce towards over the week. In stark contrast, newly issued US ETFs saw inflows totalling US$1.8bn last week, and since launch on 11th January 2024 have seen US$5.94bn of inflows, meaning on a net basis, including Grayscale inflows since launch now total US$807m. We believe that much of the price falls, despite these positive flows, was due to Bitcoin seed capital being acquired prior to 11th January.

Bitcoin has understandably been the primary focus, seeing US$479m outflows, while short-bitcoin saw further inflows totalling US$10.6m. Altcoins predominantly saw outflows last week, with Ethereum seeing US$39m, and Polkadot and Chainlink seeing US$0.7m and US$0.6m respectively.

Blockchain equities saw further inflows totalling US$17m last week.

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