Net outflows from the global crypto-based investment funds market continued last week. While the net fund outflow was 251 million dollars, an inflow of 307 million dollars was recorded in the first week of transactions in Hong Kong, the new market of the sector.
In the crypto asset investment products market, where fund outflows have continued for 4 consecutive weeks, the acceleration of outflows from ETFs launched in the USA this year has also attracted attention in the last week. According to CoinShares data, around $156 million was withdrawn from newly issued ETFs. CoinShares analysts estimate the average Bitcoin purchase price since the launch of these ETFs at $62,200. It is estimated that the BTC price falling 10% below this average last week may have activated automatic sell orders.
On a regional basis, the USA was the market where the most crypto investment funds were sold, with $504 million. While other markets except Hong Kong and Brazil remained negative, Sweden was the region with the highest fund outflow after the USA with 30.3 million dollars. Purchases that prevented net outflows from increasing came from Hong Kong.
Last week saw the launch of spot Bitcoin and Ethereum ETFs in Hong Kong, a development that excited the crypto markets. In the first week of transactions, a total of 306.5 million dollars were purchased in the Hong Kong market. However, net outflows on a global basis overshadowed inflows from Hong Kong.
By asset, Bitcoin remained the most traded asset with outflows of $284 million. There was a surprising development in the last week's transactions compared to other weeks. So much so that last week, altcoin investment funds other than Bitcoin recorded inflows, albeit in low amounts. As can be seen in the table, Ethereum was the altcoin that collected the most funds with 30 million dollars. This enabled Ethereum-based investment funds to end their 7-week outflow streak.
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