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Volume 180: Digital Asset Fund Flows Weekly Report

From CoinShares Research Blog by James Butterfill

US$435 outflows continue as incumbent ETF issuers continue to see withdrawals

  • Digital asset investment products saw outflows for the third consecutive week totalling US$435m, marking the largest outflows since March this year.
  • While Grayscale’s outflows continue to decelerate, we have also seen a deceleration in inflows from new issuers, which saw only US$126m in inflows last week.
  • A broad range of altcoins saw inflows, with investors choosing multi-coin investment products coupled with regular favourites Solana, Litecoin and Chainlink.

Digital asset investment products saw outflows for the third consecutive week totalling US$435m, marking the largest outflows since March this year. Trading volumes in ETPs fell to US$11.8bn last week compared to US$18bn the prior week, while Bitcoin prices fell by 6%.

Regionally the flows were focussed on the US, which saw US$388m in outflows, although it is worth noting that inflows year-to-date remain at a record US$13.6bn. Looking in to the detail, the majority of the outflows were from the incumbent Grayscale, which saw US$440m outflows, which is the lowest for 9 weeks.

While Grayscale’s outflows continue to decelerate, we have also seen a deceleration in inflows from new issuers, which saw only US$126m in inflows last week, compared to US$254m the week prior. Germany and Canada did not escape the negative sentiment with US$16m and US$32m of outflows respectively, although Switzerland and Brazil bucked the trend with US$5m and US$4m inflows respectively.

The outflows were focussed solely on Bitcoin and Ethereum which saw US$423m and US$38m respectively. While a broad range of altcoins saw inflows, with investors choosing multi-coin investment products which saw US$7m inflows. Other regular favourites such as Solana, Litecoin and Chainlink continued to see inflows of US$4m, US$3m and US$2.8m respectively.

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