Crypto products suffer total outflows of $1 billion in 4 weeks

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.

Image: CoinShares

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.

Although the information on or accessed through this website is obtained from independent sources that we believe to be accurate and reliable, Decentral Media, Inc. , or make any representations or warranties about the timeliness, completeness, or accuracy of the information accessed through this website. . Decentral Media, Inc. is not an investment advisor. We do not provide personal investment advice or other financial advice. Information on this website is subject to change without notice. Some or all of the information on this website may be out of date, incomplete or inaccurate. We may, but are not obligated to, update information that is outdated, incomplete, or inaccurate.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s proprietary AI platform. We use AI as a tool to deliver fast, valuable, actionable information without losing the insight and oversight of experienced crypto natives. All AI-enhanced content is carefully reviewed by our editors and writers for factual accuracy, and whenever available, we draw on multiple primary and secondary sources to craft our stories and articles.

You should not make any investment decisions regarding ICOs, IEOs, or other investments based on the information on this website. Additionally, the information on this website should not be construed as or relied upon as investment advice. If you require investment advice regarding ICOs, IEOs, or other investments, we strongly recommend that you consult a licensed investment advisor or other qualified financial professional. We do not receive any form of compensation for our analysis or reporting of ICOs, IEOs, cryptocurrencies, currencies, tokenized sales, securities, or products.

look Full terms and conditions.

Source of this program
“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…”
Source: Read more
Source link:


Leave a Reply

Your email address will not be published. Required fields are marked *