Crypto asset investment products faced a challenging series of consecutive weeks, with outflows reaching $435 million, marking the largest outflow since March of this year. Despite the slowdown in outflows from Grayscale, new issuers also experienced a slowdown in inflows, raising only $126 million last week.
Most of the outflows, totaling $388 million, were concentrated in the US market, highlighting a significant decline. However, it is important to note that inflows have remained strong, reaching $13.6 billion since the beginning of the year.
In terms of details, Grayscale saw a notable decrease in performance with a significant drop of $440 million from its portfolio, marking the lowest performance in the past nine weeks.
Meanwhile, Germany and Canada struggled with negative sentiment, witnessing outflows of $16 million and $32 million respectively. On the other hand, Switzerland and Brazil defied this trend with inflows of $5 million and $4 million respectively.
Bitcoin and Ethereum bore the brunt of the outflows, with $423 million and $38 million respectively. However, there is a glimmer of hope as various altcoins attracted investor attention. Multi-coin investment products saw a modest increase with inflows of $7 million, while altcoins like Solana, Litecoin, and Chainlink continued to shine with inflows of $4 million, $3 million, and $2.8 million respectively.
In terms of trading volumes, ETPs experienced a decline that coincided with a 6% drop in Bitcoin prices. The figure fell from $18 billion to $11.8 billion. Despite these challenges, the crypto market continues to remain dynamic and offers opportunities amidst evolving trends and investor sentiment.
Disclaimer: The information provided in this article is not investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
