Digital asset investment products saw small outflows of $147 million last week
The latest weekly report data from digital asset management company CoinShares shows that digital asset investment products (ETPs) launched by institutions experienced a small net outflow of US$147 million last week. The reason may be related to the latest economic data in the United States.
CoinShares analysts pointed out that the economic data released by the United States last week was higher than expected, which reduced the chance of another significant interest rate cut, which may be the reason for the low investor sentiment. The ETP investment product saw a slight increase in trading volume of 15% this week, while the broader cryptocurrency market experienced a decline in trading volume.
CME Group FedWatch data shows that the market currently predicts an 86.7% chance of a 1-yard rate cut in November, a 13.3% chance of maintaining current interest rates, and a 0% chance of a 2-yard rate cut.
Source: CoinShares digital asset investment products saw a small outflow of US$147 million last week
Although there was a net outflow last week, there was a net inflow of $1.2 billion last week, of which Bitcoin products had a net inflow of $1 billion, but short Bitcoin products also saw an inflow of $8.8 million.
Bitcoin saw net outflows, and multi-asset investment products saw net inflows for 16 consecutive weeks
Looking at asset classes, Bitcoin ($BTC) products saw a net outflow of $159 million last week, while short Bitcoin saw an inflow of $2.8 million. Ethereum ($ETH) has not been spared, with net outflows of $29 million last week as investor interest in the asset remains subdued.
Although Bitcoin and Ethereum experienced net outflows, multi-asset investment products (Multi-asset) saw an inflow of $29 million, marking the 16th consecutive week of net inflows.
CoinShares analysts pointed out that when last week's performance is included, total assets in multi-asset investment products have reached $431 million, accounting for 10% of total assets under management. Since June this year, multi-asset investment products have been gaining traction among investors, who prefer investing in a diversified basket of assets rather than a single asset.
Regionally, Canada and Switzerland showed a bullish trend, with inflows of $43 million and $35 million respectively, while the United States, Germany and Hong Kong saw outflows of $209 million, $8.3 million and $7.3 million respectively.
U.S. Bitcoin spot ETF flows in the past week
According to data from the blockchain analysis platform SoSoValue, as of October 1st to 8th, the U.S. Bitcoin spot ETF had 4 days of net outflows and 2 days of net inflows. The largest single-day net outflow was US$242 million. At that time, the market encountered Iran, Israeli geopolitical conflict events.
Source: SoSoValue U.S. Bitcoin Spot ETF Fund Flow
The Ethereum spot ETF also underperformed, with a net outflow of $48.52 million on October 1, and the only two-day net inflows were also low, at $14.45 million and $7.39 million respectively.
Source: SoSoValue US Ethereum Spot ETF Fund Flow
