Crypto investment products experienced a fourth consecutive week of negative flows, according to the latest report from CoinShares. The report highlighted significant outflows from newly issued ETFs in the US, totaling $251 million. The Newborn Nine spot Bitcoin ETFs accounted for over 60% of these outflows, with $156 million exiting the market.
James Butterfill, CoinShares head of research, explained that the average purchase price of these ETFs was $62,200 per bitcoin. As the price dropped below that level, triggering automatic sell orders.
Fidelity’s FBTC and Ark 21 Shares’ ARKB saw the highest outflows, with $131 million and $84 million leaving the funds, respectively.
Meanwhile, BlackRock’s IBIT saw a negative flow of $24 million, and Grayscale’s Bitcoin ETF had $277 million withdrawn during the period. The US saw outflows of $504 million, while Canada, Switzerland, and Germany also experienced withdrawals.
In contrast to the US ETFs, newly launched Bitcoin and Ethereum ETFs in Hong Kong saw $307 million in inflows in their first week of trading.
Bitcoin saw outflows of $284 million, with investors turning towards altcoins like Avalanche, Cardano, and Polkadot, which collectively saw modest inflows. Ethereum broke its negative flow streak, receiving $30 million in inflows last week and reducing its year-to-date outflow to -$20 million.
