2 minuti di letturaFurther outflows of US$584m highlight a true correction is underway
Digital asset investment products saw a second consecutive week of outflows totalling US$584m, shaving off US$1.2bn. We believe this is in reaction to the pessimism amongst investors for interest rate cuts by the FED this year.
Bitcoin was the primary focus, seeing US$630m in outflows, but recent negative sentiment has not seen investors add to short positions.
Multi-asset products saw US$98m inflows, suggest investors seen the weakness in the altcoin market as a buying opportunity.
Digital asset investment products saw a second consecutive week of outflows totalling US$584m, shaving off US$1.2bn. We believe this is in reaction to the pessimism amongst investors for interest rate cuts by the FED this year. Last week also saw the lowest volumes traded on ETPs globally since the US ETFs were launched in January, seeing just US$6.9bn for the week.
The US saw the largest outflows at US$475m, but Canada also saw significant outflows at US$109m. Outflows were also seen in Germany and Hong Kong at US$24m and US$19m respectively. Switzerland and Brazil bucked the consensus, seeing inflows of US$39m and US48.5m respectively.
Bitcoin was the primary focus, seeing US$630m in outflows, but recent negative sentiment has not seen investors add to short positions, with short bitcoin seeing US$1.2m in outflows.
Ethereum did not escape the negative sentiment, seeing US$58m in outflows. While a range of altcoin saw inflows after recent price weakness, most notable were Solana, Litecoin and Polygon at US$2.7m, US$1.3m and US$1m respectively.
Multi-asset products saw US$98m inflows, suggest investors seen the weakness in the altcoin market as a buying opportunity.
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