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Home»ADOPTION NEWS»Bitcoin outflows $33 million after 11 consecutive weeks of inflows
ADOPTION NEWS

Bitcoin outflows $33 million after 11 consecutive weeks of inflows

By Crypto FlexsDecember 18, 20232 Mins Read
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Bitcoin outflows  million after 11 consecutive weeks of inflows
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Cryptocurrency funds from asset managers such as CoinShares, Bitwise, Grayscale, ProShares and 21Shares ended 11 weeks of inflows last week, recording net outflows of $16 million, according to CoinShares’ latest report.

Bitcoin BTC

-2.15%
Fund-based funds dominated last week, recording outflows of $32.8 million, while short-term Bitcoin investment products also recorded outflows of $300,000. However, deal activity remained above average, totaling $3.6 billion last week compared to the annual average of $1.6 billion.

The outflow coincided with a decline in the price of Bitcoin last week, sending it down about 5%, ending an eight-week streak of weekly gains. Bitcoin is currently trading at 40,925, according to price data from The Block.

BTC/USD price chart. Image: Block/TradingView.

James Butterfill, head of research at CoinShares, said the mix of regional trends suggests the turnaround is more about profit-taking than a change in sentiment toward the asset class. Net flows were primarily driven by the U.S. and German markets, which recorded outflows of $18.3 million and $9.7 million, respectively. Conversely, Switzerland recorded inflows of $9.1 million and Canada recorded inflows of $6.9 million.

Weekly cryptocurrency asset flows. Image: CoinShares.

Ether and Avalanche also witnessed outflows, while Solana, Cardano, and XRP bucked the trend.

with ether avalanche Avex

-10.22%
Funds were also outflowed from the underlying investment products, with funds flowing out of $4.3 million and $1 million, respectively.

Solana brush

-5.58%
Cardano and XRP products were the main beneficiaries, bucking the trend by recording inflows worth $10.6 million, $3 million, and $2.7 million respectively, Butterfill said. Additionally, Chainlink-based funds witnessed inflows of $2 million.

Blockchain stocks also experienced more positive sentiment last week, with inflows totaling $122 million, adding $294 million for the ninth week in a row, marking their largest volume to date.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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