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Digital Asset Products See $528M Outflows Amid Recession Fears, Bitcoin ETFs Hit $4.7B Volume

Aug 5, 2024, 03:55 PM

Digital asset investment products experienced significant outflows last week, totaling $528 million, marking the first outflows in four weeks. The outflows were driven by recession fears in the US and geopolitical concerns. Bitcoin saw $400 million in outflows after five weeks of inflows, while Ethereum experienced $146 million in outflows. Bitcoin's price dipped near $60K, contributing to the negative sentiment. Despite the sell-off, Bitcoin ETFs recorded unprecedented trading volumes, with $2.3 billion in the first 45 minutes and nearly $3 billion within the first hour. BlackRock's iShares Bitcoin Trust (IBIT) alone saw over $1 billion in trading volume within 30 minutes, contributing significantly to the total volume, which reached about $4.7 billion. The market turbulence has highlighted the volatile nature of digital assets, which have seen both record highs and significant declines this year.