Bitcoin Funds See $400 Million Outflows Amid Recession Fears

[Pelican Press 0]

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Bitcoin Funds See $400 Million Outflows Amid Recession Fears

Key Takeaways

• Digital asset investment products saw $528 million in outflows, the first decline in 4 weeks.
• Ethereum products faced $146 million in outflows, with new US ETFs gaining $430 million while Grayscale lost $603 million.

(BTC) funds saw outflows of $400 million as crypto exchange-traded products (ETP) experienced outflows of $528 million last week, marking the first decline in four weeks.

According to asset management firm CoinShares, this shift is attributed to US recession fears, geopolitical concerns, and broader market liquidations across most asset classes.

As BTC funds ended a 5-week inflow streak, short Bitcoin positions recorded $1.8 million in inflows, the first significant movement since June.

products faced $146 million in outflows, bringing the total net outflows since the US exchange-traded funds (ETF) launch to $430 million.

However, this figure masks the $430 million inflow to new US ETFs, offset by $603 million in outflows from the Grayscale trust.

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Image: CoinShares

Regionally, the US led with $531 million in outflows, followed by Germany and Hong Kong with $12 million and $27 million respectively. Canada and Switzerland saw inflows of $17 million and $28 million.

Trading volumes in ETPs reached $14.8 billion, representing 25% of the total market, below average levels. The price correction resulted in a $10 billion reduction in total ETP assets under management.

Blockchain equities continued their downward trend with an additional $18 million in outflows, aligning with outflows from broad tech-related ETFs.

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