Digital Products
Digital Products Amid the global cryptocurrency outflow, a Hong Kong-based ETF has made its successful debut.
Crypto products recorded four consecutive weeks of outflows, with total outflows exceeding $1 billion during that period. according to to asset management company CoinShares. Even though spot Bitcoin and Ethereum exchange-traded funds (ETFs) began trading in Hong Kong, there were $156 million in outflows from Bitcoin ETFs worldwide last week.
James Butterfill, head of research at CoinShares, suggests that the average purchase price for these ETFs since their inception has been around $62,200 per Bitcoin. As the price fell 10% below this threshold, a wave of automated sell orders may have been activated.
Bitcoin (BTC) recorded an outflow of $284 million, while Ethereum ended its seven-week streak of outflows and secured an inflow of $30 million. Various altcoins also saw strong investment, with Avalanche, Cardano, and Polkadot leading the pack with inflows of $500,000, $400,000, and $300,000, respectively.
Regionally, the United States bore the brunt of the total outflow of $504 million. Canada, Switzerland and Germany also had outflows of $9.6 million, $9.8 million and $7.3 million, respectively.
In contrast, the Hong Kong market shined with the successful debut of spot-based Bitcoin and Ethereum ETFs, attracting $307 million in inflows in their first trading week.
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“It’s also an elegant building block.”
“CoinShares Reveals Cryptocurrency Market Outflows in a Month, with Bitcoin and Ethereum ETFs Affected Around the World, Excluding Positive Debut in Hong Kong. Post-Crypto Commodities Lose $1 Billion I will experience…”
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