Cryptocurrencies see $942 million in spending, ending 7-week streak
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Crypto investment products saw a record weekly outflow of $942 million, the first ever 7-week inflow totaling $12.3 billion, according to a report by asset management firm CoinShares. Trading volume in ETPs reached $28 billion for the week, up about 66 percent from the previous week.
“We believe the recent price correction has led to hesitancy from investors, leading to lower inflows to new ETF issuers in the US, which saw $1.1 billion inflows, partially offsetting existing grayscale's significant $2 billion inflows last week,” said James Butterfield, head of research at CoinShares, described in the report.
It focused on Bitcoin, which saw an exit of $904 million. Ethereum, Solana, and Cardano also suffered, seeing $34 million, $5.6 million, and $3.7 million in withdrawals. However, the remaining altcoin-related products such as Polygon and Avalanche generated $16 million in net revenue.
Regionally, Sweden, Switzerland, Hong Kong, and Germany experienced the largest outflows, totaling US$37 million, US$25 million, US$35 million, and US$4 million, respectively. In contrast, Brazil and Canada earned $9 million and $8.4 million, respectively.
Brazil remains financially exposed to crypto, with 13 consecutive weeks of positive revenue totaling $101 million in 2024.
However, year-to-day flows are directly on the crypto fund of $12 billion in 2024. Although receiving the attention of significant investors in 2023, Solana's netflow is only $1 million this year, while Ethereum is $87 million million in the same period.
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