Digital Asset Investments Witness Outflows, Ending Inflow Streak
CryptoNewsTerminal Staff05 Aug, 2024
Digital Asset Investments Witness Outflows, Ending Inflow Streak
Last week's net outflow of $528 million in digital asset investment products ends a four-week inflow streak. According to CoinShares' weekly fund flow report, digital asset investment products saw net outflows of approximately $528 million last week, ending a four-week streak of inflows. Bitcoin (BTC) and Ethereum (ETH) products were the primary drivers of these outflows. BTC investment products witnessed outflows of $400 million, snapping a five-week inflow streak, while ETH products saw outflows of $146 million. The outflows were geographically widespread, with the United States recording the highest at $531 million. Germany and Hong Kong followed with outflows of $12 million and $27 million, respectively. In contrast, Canada and Switzerland saw inflows of $17 million and $28 million, respectively. The report attributed the outflows to growing recession fears in the US and heightened geopolitical tensions in the Middle East, leading to broad-based market liquidations across most asset classes, including crypto.
