Bitcoin
US Bitcoin ETFs See Record Outflows as Their Hong Kong Counterparts Thrive
The latest weekly report from CoinShares revealed that crypto-related investment products had their fourth consecutive week of negative flows, dominated by “measurable outflows from newly issued US ETFs.”
According to the report, the market saw an outflow totaling $251 million, with Newborn Nine’s spot Bitcoin ETFs accounting for more than 60%, or $156 million, of those flows.
James Butterfill, head of research at CoinShares, he said:
“We estimate that the average purchase price of these ETFs since launch is $62,200 per bitcoin, as the price fell 10% below this level, this may have triggered automatic sell orders.”
An analysis of the flows showed that Fidelity FBTC saw the highest output valuet, with $131 million leaving the fund, followed by Ark 21 Shares’ ARKBwhich recorded outflows worth 84 million dollars.
Table showing year-to-date, monthly, and weekly ETP crypto flows (Source: CoinShares)
About that, BlackRock IBIT recorded a modest negative flow of US$24 million, while Shades of gray The Bitcoin ETF continued its outflow trend, with $277 million withdrawn during the period.
The performance of these ETFs increased outflows from the United States to $504 million. Notably, Canada, Switzerland and Germany also recorded outflows totaling $9.6 million, $9.8 million and $7.3 million, respectively.
However, despite the performance of US-based spot Bitcoin ETFs, the new launched spot-based Bitcoin and Ethereum ETFs in Hong Kong they recorded inflows of 307 million dollars during the first week of trading.
Ethereum and Polkadot attract inflows
Across all assets, Bitcoin saw outflows totaling $284 million, boosting its cumulative outflows for the month to $291 million.
Previous CryptoSlate reports found that crypto investors were increasingly seeking exposure to altcoins while reducing their exposure to major digital currencies such as Bitcoin.
This trend continued this week with altcoins like Avalanche, Cardano and Polka dot recorded modest inflows of approximately $0.5 million, $0.4 million and $0.3 million, respectively.
Notably, Ethereum broke its 7-week period of negative flows, recording inflows of US$30 million last week. This reduced ETH’s year-to-date outflow to a negative $20 million.