Digital asset investment products saw outflows of $168 million last week, with $146 million of that from Bitcoin. This marks the largest weekly outflows total since March 2023, according to a report by CoinShares.
CoinShares’ report shows that sentiment is currently trending negative due to the increasing acceptance that a spot-based ETF for Bitcoin in the US is likely to take longer than many expect, with recent delays being announced by the SEC.
The outflows last week saw the monthly outflows total at $278 million. CoinShares data also shows that the investment products market traded $1.3 billion last week, about 16% off the year’s average.
Despite the outflows, Bitcoin’s flows are still net positive for the year, standing at roughly $265 million. Investors are increasingly selling their short positions, with $4 million in outflows registered last week for an 18-week streak of outflows. Data shows shorts outflows are currently 89% of the total AuM.
In the altcoin market, Ethereum recorded outflows of $17 million, while XRP and Litecoin had minor inflows of $0.5 million and $0.44 million, respectively.
