Tag: week
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Short-Bitcoin funds saw $10M in inflows last week
- CoinShares data shows crypto investment products recorded minor outflows of $2 million.
- But Bitcoin saw a third straight week of outflows totaling $12 million.
- Short-bitcoin funds saw inflows of $10 million amid negative sentiment driven by US economic data.
Digital asset investment products recorded yet another week outflows this past week as macro data continued to weigh on investor sentiment, according to asset manager CoinShares.
While weekly outflows across crypto-related products was a minor $2 million, the broader market sentiment was negative as indicated by the large inflows into short investment products.
Short-Bitcoin inflows hit $10 million
Investment products tied to the world’s largest cryptocurrency Bitcoin recorded a total of $12 million in outflows last week, a third consecutive week of such action. Investors also bet huge on the price of Bitcoin going down that week, with inflows into short bitcoin funds rising to $10 million.
According to CoinShares, the negative sentiment around BTC price last week largely came from the United States.
“Opinions remain polarised though, with the US seeing outflows totalling US$14m, where recent macro data has increased fears amongst investors that the US Federal Reserve (FED) will be more hawkish than expected,” CoinShares head of research James Butterfill wrote.
As we highlighted, the past week was punctuated by the hot economic data (the Producer Consumer Expenditure (CPE) index that suggested inflation was still a key headwind.
Indeed, the market reacted negatively to the macro data, with Bitcoin price dropping to lows of $22,770 on the Bitstamp crypto exchange. However, BTC is back above $23,400.
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Inflows into Bitcoin products surged by $116 million last week
- Digital asset investment products saw inflows of about $117 million last week, the biggest since July 2022.
- Bitcoin saw almost all of last week’s digital asset investment products inflows, with $116 million of the total.
- Total assets under management (AUM) rose $28 billion, roughly 43% from inflow lows recorded in November.
Bitcoin saw the most fund inflows this past week, with the benchmark cryptocurrency accounting for nearly all of the weekly inflows.
According to a weekly report digital asset manager CoinShares shared on Monday, crypto asset investment products recorded inflows of $117 million. It was the biggest week for inflows across digital asset investment products since July 2022.
Bitcoin products saw inflows of $116 million
Bitcoin accounted for nearly $116 million of the total digital assets products inflows. And as Bitcoin price rose above $23,000, inflows into Short Bitcoin products represented $4.4 million of weekly totals.
In other cryptocurrencies, inflows into Ethereum were $2.3 million and $1.1 million for Solana.
However, multi-asset investment products saw a ninth consecutive week of outflows with $6.4 million. Binance and XRP also saw outflows of around $400,000 and $200,000 respectively.
The spike in inflows pushed total assets under management (AUM) to over $2.8 billion, with the metric up by 43% from its November low. Investment products also saw an improvement in terms of weekly volumes.
Per the CoinShares report, $1.3 billion was traded, up 17% compared to the year-to-date average. The volume was also higher compared to the average of 11% for the broader crypto market.
In terms of various regions, Germany saw about 40% of the inflows for approximately $46 million, while Canada, the United States and Switzerland saw the next three largest inflow batches with $30 million, $26 million and $23 million respectively.
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Inflows into Bitcoin products surged by $116 last week
- Digital asset investment products saw inflows of about $117 million last week, the biggest since July 2022.
- Bitcoin saw almost all of last week’s digital asset investment products inflows, with $116 of the total.
- Total assets under management (AUM) rose $28 billion, roughly 43% from inflow lows recorded in November.
Bitcoin saw the most fund inflows this past week, with the benchmark cryptocurrency accounting for nearly all of the weekly inflows.
According to a weekly report digital asset manager CoinShares shared on Monday, crypto asset investment products recorded inflows of $117 million. It was the biggest week for inflows across digital asset investment products since July 2022.
Bitcoin products saw inflows of $116 million
Bitcoin accounted for nearly $116 million of the total digital assets products inflows. And as Bitcoin price rose above $23,000, inflows into Short Bitcoin products represented $4.4 million of weekly totals.
In other cryptocurrencies, inflows into Ethereum were $2.3 million and $1.1 million for Solana.
However, multi-asset investment products saw a ninth consecutive week of outflows with $6.4 million. Binance and XRP also saw outflows of around $400,000 and $200,000 respectively.
The spike in inflows pushed total assets under management (AUM) to over $2.8 billion, with the metric up by 43% from its November low. Investment products also saw an improvement in terms of weekly volumes.
Per the CoinShares report, $1.3 billion was traded, up 17% compared to the year-to-date average. The volume was also higher compared to the average of 11% for the broader crypto market.
In terms of various regions, Germany saw about 40% of the inflows for approximately $46 million, while Canada, the United States and Switzerland saw the next three largest inflow batches with $30 million, $26 million and $23 million respectively.
