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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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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