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Crypto asset investment products continued to see outflows for the fourth consecutive week, totaling $251 million. This week marked the first instance of measurable outflows from newly issued ETFs in the US, with last week seeing an outflow of $156 million. It is noted that since the launch of these ETFs, the average purchase price has been $62,200 per Bitcoin. The BTC price dropped below 10% of this level last week, which may have triggered automatic sell orders.
What is the Situation by Country?
Regionally, the US plays a leading role in outflows, with $504 million recorded. On the other hand, Canada, Switzerland, and Germany also saw outflows of $9.6 million, $9.8 million, and $7.3 million, respectively.
Last week’s highlight was the successful launch of spot Bitcoin and Ethereum ETFs in Hong Kong, which saw an inflow of $307 million in the first week of trading.
Institutional Investors Buy These Altcoins
As usual, Bitcoin was the primary focus, seeing an outflow of $284 million. Unusually, BTC was the only crypto asset to experience outflows. Ethereum broke its seven-week outflow streak with an inflow of $30 million last week.
Aside from Ethereum, small inflows were noted in five other altcoins. Solana received $300,000, Litecoin $100,000, Cardano $400,000, Polkadot $300,000, and other altcoins including Avalanche saw an inflow of $600,000.
