Crypto investment products saw weekly outflows of $528 million as US recession fears grow: CoinShares

Ethereum investment products saw $146 million in net outflows globally last week, largely due to $169.4 million in outflows from US spot Ethereum ETFs. That number masks $430 million in net inflows into new Ethereum ETFs, dwarfed by $603 million in outflows from Grayscale’s ETHE fund.

Also, minor outflows were seen in European ETPs, according to the CoinShares report.

Bitcoin experienced massive outflows of $400 million, the first time in five weeks of inflows. On the other hand, Short-Bitcoin saw its first notable inflows since June, amounting to $1.8 million. Solana handled weekly outflows of $2.8 million, while XRP and Litecoin recorded modest inflows of $0.4 million and $0.2 million during the same period, respectively.

Blockchain shares saw $18 million in outflows last week, continuing the widespread trend seen in broader technology-related ETFs.

Falling for the first time in four weeks, digital asset investment products witnessed outflows of $528 million. CoinShares explained that this is likely a reaction to concerns about a possible recession in the United States, broader geopolitical issues and market sell-offs in various asset classes.

Last week, ETP recorded trading volumes of $14.8 billion, representing only 25% of the total market, which is below average. Additionally, a price correction since Friday’s close resulted in a $10 billion decrease in total ETP assets under management.

Regionally, the bulk of outflows were concentrated in the United States, which saw $531 million in outflows. Hong Kong and Germany also saw outflows of $27 million and $12 million, respectively. Sweden was next, with $6.8 million in weekly departures.

Meanwhile, Switzerland and Canada appear to have capitalized on the price drop, with inflows of $28 million and $17 million, respectively. Australian receipts stood at $3.4 million, while Brazil recorded $0.1 million.

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