Fund outflows from investment crypto products have persisted for the third week in a row
It slowed down in the last week of June and amounted to $30 million
![Fund outflows from investment crypto products have persisted for the third week in a row](https://storage.getblock.net/source/1/fIpdao0XLM4UmcgFTyLiOWNZSpj9q0BQ.webp)
01.07.2024 - 13:05
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What’s new? Analysts at the investment firm CoinShares have been recording outflows from cryptocurrency derivatives for the third week in a row. During the last week of June, outflows slowed to $30 million, while trading volumes rose 43% to $6,2 billion. Despite the increase, trading volume remains well below the weekly average of $14,2 billion.
What else is known? Regionally, the largest inflows were seen in the United States ($43 million), followed by Brazil and Australia with $7,6 million and $3 million, respectively. Negative sentiment swept Germany, Hong Kong, Canada, and Switzerland, with outflows of $29 million, $23 million, $14 million, and $13 million, respectively.
Ethereum-based products saw the largest outflows since August 2022 (61 million), bringing them to 119 million over the past two weeks, making the largest-capitalization altcoin the worst-performing asset since the beginning of the year in terms of net flows, the company noted.
However, exchange-traded products (ETPs) based on a basket of altcoins or bitcoin generated inflows of $18 million and $10 million, respectively.
In short bitcoin positions, the outflow amounted to $4,2 million, which indicates a possible change in investor sentiment. Inflows were seen in a number of altcoins, the most notable of which were Solana ($1,6 million) and Litecoin ($1,4 million).
As CoinShares writes, despite the positive investor sentiment toward cryptocurrency, blockchain stocks have seen $545 million in outflows so far this year.
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