CoinShares weekly report

Digital Asset Investment Products See $584M Outflows for Second Week, Bitcoin Leads with $630M

Jun 24, 2024, 10:31 AM

Digital asset investment products experienced significant outflows for the second consecutive week, totaling $584 million. Bitcoin was the primary contributor to these outflows, with $630 million exiting the market. Ethereum also saw outflows amounting to $58 million. Despite the overall negative trend, multi-asset products recorded inflows of $98 million. This downturn in digital asset ETFs follows a broader trend of outflows that started after a streak of inflows ended on June 10th, resulting in $1.1 billion in outflows. Bitcoin ETFs saw another negative outflow week of $544 million. VanEck’s Spot ETF began trading on the Australian Securities Exchange (ASX) amid this market turbulence. According to CoinShares, the total outflows have shaved off $1.2 billion from the market, which analysts attribute to investor pessimism regarding potential interest rate cuts by the Federal Reserve this year. Additionally, there have been 6 consecutive days of Bitcoin ETF net outflows, with 8 of the last 9 trading periods experiencing net outflows, accounting for more than $1.12 billion exiting the space.