Crypto Investment Products See Outflows for 9th Straight Week

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On June 19, European cryptocurrency investment firm CoinShares released its digital asset fund flow report, revealing that cryptocurrency investment products saw outflows totaling 5.1 million. dollars last week. The outflows helped continue a nine-week streak of outflows, resulting in a cumulative total of $423 million.

Weekly streams of crypto assets. Source: CoinShares

The report noted that despite this downward trend, there was a silver lining towards the end of the week as news emerged that BlackRock, one of the world’s largest asset managers, had submitted an application for a Bitcoin (BTC) exchange-traded product. (FTE) in the United States. This evolution resulted in minor contributions; however, they were not large enough to offset the earlier outflows seen during the week. As a result, the series of releases continued.

Looking at the regional breakdown, the United States and Germany recorded minor inflows of $3.7 million and $2.4 million, respectively. The United States maintained its lead in terms of total inflows year-to-date, accumulating $147 million, while Canada struggled with outflows amounting to $277 million. CoinShares report author James Butterfill added: “Despite improving regulatory conditions in Hong Kong, we have seen no measurable inflows into ETPs year-to-date, while total assets under Management (AuM) remains low at $39 million.

According to CoinShares, the drop in altcoin prices in previous weeks served as a catalyst for investors to increase their positions. Consequently, inflows totaling $2.4 million were observed. Noteworthy cryptocurrencies such as XRP (XRP), Cardano (ADA), and Polygon (MATIC) were the subject of these entries, receiving amounts of $1 million, $0.6 million, and $0.2 million, respectively. million bucks.

In contrast, Ether (ETH) saw the largest outflows of the week, totaling $5 million. Additionally, Tron (TRX) and Avalanche (AVAX) recorded outflows of $0.4 million each. Along the same lines, CoinShares noted, Blockchain stocks saw the largest outflows since FTX, totaling $12.3 million.

Related: Grayscale Bitcoin Trust nears 2023 highs on BlackRock ETF filing as buyers intensify

On June 15, BlackRock filed for the first Bitcoin exchange-traded fund (ETF) in the United States. If approved, the ETF would provide investors with a regulated and accessible way to gain exposure to Bitcoin. Coinbase Custody Trust Company would be the custodian of bitcoin funds, while Bank of New York Mellon would manage fiduciary assets. The Bitcoin ETF price would be updated every 15 seconds based on the CF Benchmarks index. Approval of the BlackRocks app could have significant implications for the wider acceptance and adoption of cryptocurrency investment products in the United States.

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