A second consecutive week of digital asset investment products outflows amounted to $97 million.
According to the most recent CoinShares pranešti, the past two weeks’ outflows are the result of profit taking in reaction to recent hawkish statements from the Federal Open Market Committee of the Federal Reserve. With most of last week’s outflows coming from Europe, some 88%, the report believes this to be a delayed reaction to the FOMC statement, as the preceding week’s outflows had primarily come from the US. The report also noted that, similar to other stores of value, Bitcoin had become increasingly “sensitive” to interest rate news.
Monetų srautai
Bitcoin-based investment products saw the majority of outflows last week, amounting to $73 million. This brings total month-to-date outflows to $196 million, while year-to-date flows remain aloft at $145 million. The report also highlighted that at $650 million, weekly investment product volumes were only amounting to roughly half the year’s average. It also noted that volumes were down 32% against weekly averages this year, amounting to just $11.5 billion on trusted exchanges.
However, after several weeks of inflows, the report indicated that investors seem to have sold out of Short-Bitcoin investment products, with outflows totaling $1.8 million, a whopping 16% of assets under management.
Ethereum-based investment products also saw outflows, amounting to $27 million, bringing month-to-date outflows to $27 million, and plummeting year-to-date outflows further to $153 million. Altcoins such as J. Solana ir Cardano saw outflows last week too, each losing $700,000.
Despite the trend, some digital asset investment products managed inflows this past week. Notably, multi-asset investment products (multi-coin) continued their streak, totaling $5.3 million. Additionally, blockchain equities remained unaffected last week, with inflows amounting to $23 million.
Crypto stock slump
As the entire crypto market has fallen about 19% over the course of the year, according to data from CoinMarketCap, crypto stocks have also been faring poorly. From a peak of $100 billion in November last year, the combined market capitalization of publicly traded kriptovaliutų įmonės has fallen to roughly $60, according to JPMorgan analysts.
Over half of those losses, roughly $20 billion, belong to U.S. crypto exchange, Coinbase Global Inc., whose shares are down 40% year-to-date. Other crypto stocks reeling from losses this year include Marathon Digital Holdings Inc., down 35%. Riot Blockchain Inc., down 33% and Bitcoin mining company TeraWulf Inc. down a tremendous 61%.
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Source: https://beincrypto.com/profit-taking-keeps-up-crypto-product-outflows-for-second-consecutive-week/