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Global ETP investors shift $126 million away from major cryptocurrencies, favor altcoins like Polkadot


Digital asset investment products experienced a notable setback, with outflows reaching $126 million last week, according to CoinShares’ latest weekly report.

Bitcoin’s outflow accounted for a significant portion, representing 87% of the total net flow for the week. CoinShares Head of Research James Butterfill attributed this trend to investors’ cautious stance following the end of price momentum in the market.

He furthered that ETF/ETP trading activity declined compared to the broader market, with total volume reaching only 31% last week. Nonetheless, there was a slight week-on-week increase in volume from $17 billion to $21 billion.

Ethereum sees five straight weeks of outflow.

Several Bitcoin investment products, including Grayscale GBTC, ProShares BITO, and Purpose ETF, primarily drove the outflows, with their cumulative flows almost reaching $1 billion.

On the other hand, BlackRock IBIT, Fidelity FBTC, and Ark 21Shares ARKB’s inflows could only partially offset the outflows, leaving Bitcoin products with a total outflow of $110 million for the week.

Butterfill added:

“Regionally, the US saw the largest outflows totaling $145 million, while Switzerland and Canada followed with $5.7 million and $6 million outflow, respectively. Investors in Germany saw recent price weakness as an opportunity, seeing $29 million inflows last week.”

Meanwhile, Ethereum continued its negative trajectory with a fifth consecutive week of outflows totaling $28.7 million. Its month-to-date flow now stands at negative $51.3 million, with a year-to-date flow of only $23 million, signaling potential erosion of its gains for the year.

Joining Ethereum in negative territory, Solana saw outflows of $3.6 million, while multi-asset products recorded $5.6 million in outflows.

Interestingly, Short Bitcoin saw a reversal in its trend with $1.7 million in inflows after three consecutive weeks of outflows. This suggests a resurgence of bearish sentiment amid significant market volatility.

On a brighter note, several altcoins witnessed positive flows. Litecoin, XRP, and Polkadot attracted inflows of $1.6 million, $300,000, and $800,000, respectively. Even lesser-known altcoins like Decentraland, Basic Attention Token, and LIDO saw inflows of $4.9 million, $2.9 million, and $1.8 million, respectively.

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