While spot Bitcoin ETF transactions are closely monitored, there was a partial outflow of $21 million from the crypto asset investment products market last week.
Following net inflows of $1.18 billion in the previous week, a low net outflow was recorded last week despite a very high transaction volume of $11.8 billion.
According to CoinShares data, higher-cost issuers existing in the US market saw an outflow of $2.9 billion, while newly issued ETFs continued to be the center of attention with a total inflow of $4.13 billion since launch.
According to the latest data, the outflow of $ 21 million from the market last week overshadowed the transaction volumes that reached 7 percent of the 2023 average with the $ 11.8 billion inflow into Bitcoin investment products in the previous week.
When looked at on a regional basis, a fund demand of 263 million dollars was received in the USA, while outflows of 297 million dollars were recorded from the Canadian and European markets. CoinShares analysts interpreted this momentum as a migration movement towards the US market, where transaction fees are quite attractive.
When looked at on an asset basis, outflow from Bitcoin investment products was reported as 25 million dollars. 63% of the high trading volume on regulated exchanges consisted of Bitcoin transactions.
The increase in demand for the spot Bitcoin ETF, which started trading on January 11, caused an outflow of approximately $2.9 billion from other products currently traded in the market. Because the higher cost of these products is seen as an important factor in exits. On the other hand, investors increased their demand for Short Bitcoin products due to the weakening in price after the ETF approval. According to the latest report, Short Bitcoin products recorded an inflow of $13 million. Altcoin funds also played a leading role in recent outflows. While Ethereum funds decreased by $14 million, the outflow from Solana funds was $8.5 million.
While the stocks of companies operating in the Blockchain sector saw a significant demand of 156 million dollars, it reached 767 million dollars in the last 9 weeks.
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