Outflows from digital assets continue to capture the attention of the crypto community, especially after the release of data showing a substantial $251 million in withdrawals worldwide. This is the fourth week in a row that this trend has intensified. Particular attention has been paid to the situation of ETFs in the US, where for the first time a measurable outflow of funds has been recorded.
The key event last week was the successful launch of spot ETFs in Hong Kong, which attracted an impressive US$307 million in the first week of trading. These figures underscore the interest in cryptocurrencies in this region amidst overall global outflows.
The weekly Digital Asset Funds Flows Weekly Report showed that the average purchase price of these ETFs since their launch is valued at $62,200 per bitcoin. With the price falling 10% below this level, a Singapore-based asset manager suggested that this may have led to automatic sell orders being executed.
According to CoinShares, the outflows were mostly concentrated in the US, but there were also outflows in Canada, Switzerland, and Germany of $504 million, $9.6 million, $9.8 million, and $7.3 million, respectively.
It is worth noting that Bitcoin was the only digital asset to see outflows ($284 million). At the same time, Ethereum broke its seven-week streak of outflows with an inflow of USD 30 million.
At the same time, interest in alternative cryptocurrencies increased. Avalanche, Cardano, and Polkadot saw inflows of $0.5 million, $0.4 million, and $0.3 million, respectively.
At the time of this publication, Bitcoin is trading at $62,692, showing a decline of 1.4% in the last 24 hours.
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