Highlights
- Digital asset investment products saw a substantial $251 million outflow last week, with notable impacts from newly issued Exchange-Traded Funds (ETFs) in the United States.
- Despite the outflow trend, the launch of spot-based Bitcoin and Ethereum ETFs in Hong Kong led to significant inflows totaling $307 million, marking a notable rebound.
- Regional variations in outflows, including $504 million in the United States, amidst live Bitcoin market updates showing resilience and ongoing investor interest.
Digital asset investment products experienced a continued trend of outflows last week, totaling a substantial $251 million. Notably, this period marked the first instance of measurable outflows from newly issued Exchange-Traded Funds (ETFs) in the United States, amounting to $156 million.
It’s worth noting that these ETFs were launched amid high anticipation, with an estimated average purchase price of $62,200 per bitcoin. However, as the price of bitcoin declined by 10% below this level, it likely triggered automatic sell orders, contributing to the outflow.
Inflows Rebound With Spot-Based ETF Launch
Despite the overall outflow trend, there was a notable bright spot with the successful launch of spot-based Bitcoin ETF and Ethereum ETF in Hong Kong. In their inaugural week of trading, these ETFs garnered impressive inflows amounting to $307 million. Bitcoin remained the focal point, witnessing significant outflows totaling $284 million.
However, Ethereum broke its seven-week streak of outflows, attracting $30 million in inflows. Additionally, a variety of altcoins experienced inflows, with notable contributions from Avalanche, Cardano, and Polkadot, receiving $0.5 million, US$0.4 million, and $0.3 million, respectively.
Also Read: Binance CEO Urges Tigran Gambaryan’s Release Amid Nigeria Crisis
Regional Outflow Trend and Price Analysis
While the outflows predominantly affected the United States, which experienced a substantial US$504 million in outflows, other regions also observed notable trends. Canada, Switzerland, and Germany recorded outflows totaling US$9.6 million, US$9.8 million, and US$7.3 million, respectively.
These regional variations highlight the global impact of digital asset investment trends and the diverse factors influencing investor behavior across different markets. As of today, the live price of Bitcoin (BTC) stands at $64,047.678, with a 24-hour trading volume of $25.8 billion. Over the past 24 hours, Bitcoin has surged by 0.36%.
Currently, Bitcoin is trading within the range of $64,347.32 and $63,027.29, reflecting the dynamic nature of cryptocurrency markets. With a live market cap of $1.2 trillion, Bitcoin continues to be a significant player in the digital asset space, demonstrating resilience and ongoing investor interest.
Also Read: XRP Lawsuit: SEC Files Final Reply In Remedies Phase
- Bitcoin Treasuries Add Nearly $1B BTC This Week as Holdings Cross 1M BTC
- Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH
- Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure
- Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut