Digital asset investment products have seen outflows totaling $600 million over the past week. According to CoinShares‘ weekly report, these were the largest outflows since March 22, 2024. Despite this, altcoins Ethereum, LIDO and XRP have seen inflows over the past week of $13 million, $2 million and $1 million, respectively.
As CoinShares highlighted, last week’s results came under similar circumstances: a period of significant inflows followed by a more hawkish FOMC meeting than expected. This has led investors to reduce their exposure to fixed supply assets.
“These outflows and the recent price sell-off caused total assets under management (AuM) to fall from over $100 billion to $94 billion during the week,” the company said.
Ethereum and other altcoins ‘save the crop’
According to the report, trading volumes remain lower at $11 billion on the week, compared to the weekly average of $22 billion this year. However, they were well above $2 billion a week last year. Digital asset ETPs are holding 31% of global trading volumes on trusted exchanges.
Regionally, the United States saw the most outflows worldwide totaling $565 million. But the negative sentiment wasn’t just concentrated there. After all, Canada, Switzerland and Sweden saw outflows of $15 million, $24 million and $15 million, respectively.
Germany bucked the trend with inflows of $17 million. Similarly, Brazil recorded inflows, but more discreet, of US$ 700 thousand in the week.
Finally, CoinShares highlighted that the outflows were entirely focused on Bitcoin, with outflows of $621 million. In addition, the bear also generated $1.8 million worth of Bitcoin shorts.
According to data from CoinGecko, in the last week, the price of Bitcoin has retreated by more than 5%. At the time of writing, BTC’s price stands at $65,780. Meanwhile, Ethereum has retreated by around 4% over the past week and is now priced at $3,523.
XRP is up 0.3% on the week to $0.49, and LIDO has jumped more than 10% and is currently priced at $2.10.