Bitcoin, Ethereum Investment Products See Outflow, Altcoins Resist Bearish Trend

Outflows in digital asset investment products continued for the third week in a row. The latest weekly outflow of $435 million marked the largest inflow since March.

According to the latest report from CoinShares, the trading volume in Exchange-Traded Products (ETPs) fell to $11.8 billion from last week's $18 billion, while the price of Bitcoin fell by 6%.

Bitcoin and Ethereum are the leading digital asset derivatives

A recent edition of CoinShares' Digital Asset Fund Flows showed that outflows were concentrated in the two major cryptocurrencies – Bitcoin and Ethereum – at just $423 million and $38 million, respectively.

During the same period, short Bitcoin investment products collected $1.3 million in revenue. This shows interest among market players in hedging or profiting from lower moves in the BTC price as the asset trades slightly above $62,000.

On the other hand, several altcoins bucked the prevailing bearish trend. In fact, the asset manager's investors mainly chose multi-coin investment products with an income of 7 million dollars.

Other popular picks like Solana, Litecoin, and Chainlink continued to pull in $4 million, $3 million, and $2.8 million in revenue, respectively. Polkadot posted $0.5 million in revenue, and investment products related to XRP and ADA also saw $0.4 million in revenue for the week.

Switzerland and Brazil oppose the negative trend

As in previous cases, the focus of spending was on the US, which accounted for $388 million. However, it's important to note that year-over-year inflows to the U.S. are still at a record $13.6 billion. Additionally, most of the inflow came from Greyscale at $440 million, the lowest in nine weeks.

As Greyscale's outflows slowed, CoinShares saw a drop in revenue from new issuers, which was just $126 million last week, compared to $254 million the previous week. Germany and Canada also experienced negative sentiment, with outflows of $16 million and $32 million, respectively. Sweden's spending for the week reached $8.1 million.

Bucking the trend were Switzerland and Brazil, which received $5 million and $4 million respectively. Meanwhile, Australia recorded modest revenue of $0.5 million during the same period.