According to the latest edition of CoinShares’ weekly report, outflows in digital asset investment products reached $32 million last week, a level not seen since late December 2022.
The sentiment could be attributed to exchange-traded product (ETP) investors being less optimistic about recent regulatory pressures in the US relative to the wider market.
Bitcoin Bears the Brunt
Outflow figures surged to $62 million the mid-way through last week, even as the sentiment improved significantly by Friday. Bitcoin was the most affected crypto asset during the turmoil in the market, experiencing an outflow of $24.8 million over the past week.
Short-bitcoin investment products, on the other hand, recorded inflows of $3.7 million during the same time while also witnessing some of the largest inflows YTD of $38 million, trailing behind only Bitcoin with $158 million.
Ethereum also bore the brunt of the negative sentiment and recorded an outflow of $7.2 million. Cosmos, Polygon, and Avalanche $1.6 million, $0.8 million, and $0.5 million, respectively. The negative sentiment remained mixed as Inflows of Aave, Fantom, XRP, Binance, and Decentraland stood somewhere between $0.36 million – $0.26 million.
