Digital asset investment products saw record weekly outflows totaling $942 million in the past week, this is according to CoinShares (Nasdaq Stockholm: CS).
The report states that the outflows follow a record of seven weeks of inflows totaling $12.3 billion, largely due to the emergence of multiple Bitcoin spot ETFs in the US. The company adds that in the past week, BTC ETFs say $1.1 billion on inflows, which were offset by sellers of Greyscale’s product that saw outflows of $2 billion.
Movements in altcoins saw $16 million, saw inflows to Polkadot ($5m), Avalanche ($2.9m) and Litecoin ($2m).
Losers included Ethereum, Solana, and Cardano, with outflows of $34 million, $5.6 million, and $3.7 million, respectively.
CoinShares believes that the price movements are due to “hesitancy” from investors, with negative sentiment showing in the US, Sweden, Switerland, Hong Kong, and Germany. Brazil and Canada bucked the trend, delivering inflows.
