CoinShares records the first outflow of funds from crypto derivatives in three months

It interrupted an 11-week period of inflows totaling $1,8 billion

18.12.2023 - 12:13

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3 min

What’s new? Analysts at investment company CoinShares have recorded an outflow of funds from cryptocurrency derivatives for the first time in three months. From December 11 to 17, it totaled $16 million, interrupting 11 weeks of inflows totaling $1,8 billion. Bitcoin-based investment products saw the largest outflows last week, with $33 million in long positions and $0,3 million in short positions.

CoinShares’ report

What else is known? Despite outflows, the trading volume for the week totaled $3,6 billion, well above the yearly average of $1,6 billion. Regionally, outflows were mainly concentrated in the US and Germany ($18 million and $10 million, respectively), partially offset by continued inflows in Switzerland and Canada ($9,1 million and $6,9 million).

The lack of a unified trend at the global level suggests that the outflow is more related to profit-taking rather than a change in investor attitudes toward the cryptocurrency class, CoinShares writes.

In addition to BTC, outflows were recorded in Ethereum and Avalanche-based products: $4,4 million and $1 million. At the same time, the inflow is noted in a number of altcoins, including Solana, Cardano, XRP, and Chainlink ($10,6 / $3 / $2,7 / $2 million).

Earlier, CoinShares had already named Solana the favorite altcoin of cryptocurrency investors. Inflows on it continue to persist despite the overall negative result of the past week.

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Separately, analysts also mentioned the results on publicly traded shares of cryptocurrency companies. The inflow of funds into these securities amounted to $122 million, and in just 9 weeks it reached the highest in the entire history of observations at $294 million.

The total capitalization of the crypto market has hardly changed over the week, having lost 0,6%. As of December 18, 11:30 UTC, it amounted to $1,613 trillion.

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