On June 12, European cryptocurrency investment firm CoinShares published its latest weekly “Digital Asset Fund Flows Report,” revealing that cryptocurrency investment products experienced outflows of $88 million last week. The substantial drawdown added to the ongoing eight-week streak of outflows, which now total $417 million. Analysts at CoinShares have attributed this ongoing trend to monetary policy considerations, as interest rate hikes show no signs of slowing down, prompting investors to remain cautious.
Meanwhile, Bitcoin (BTC) investment products witnessed outflows totaling $52 million during the analyzed period. This brings the eight-week cumulative outflows for Bitcoin to $254 million, representing approximately 1.2% of the total assets under management (AUM). Additionally, short-Bitcoin products recorded outflows of $1.1 million, with seven-week outflows accounting for 44% of AUM.
Altcoins, on the other hand, exhibited “mixed fortunes” during this period. Minor inflows were observed for Litecoin (LTC), XRP (XRP) and Solana (SOL), while Polygon (MATIC) experienced outflows. “Interestingly, on aggregate, altcoins have seen inflows year-to-date (except Tron), in stark contrast to Bitcoin and Ethereum,” observed CoinShares’ report author James Butterfill.
Interestingly, 87% of the outflows were concentrated within a single provider, indicating a regional impact. Most of these outflows originated from North America, while Switzerland witnessed minor inflows of $9.2 million. On the other hand, Germany experienced outflows of $9.4 million.
Despite the regulatory pressures and concerns surrounding the cryptocurrency sector, the digital asset market has shown remarkable resilience, with the total crypto market maintaining its $1 trillion-plus market cap. The relative resilience shown by altcoins suggests investors have diversified their exposure to cryptocurrencies despite concerns over regulatory crackdowns on assets deemed to be securities.
For more news at Break’n News – click here
Break’n Pics – Click here for Free Stock Photos
GoCoin – Latest Cryptocurrency News and Trading