![Crypto investment products experience outflows for 9th consecutive week Crypto investment products experience outflows for 9th consecutive week](https://i0.wp.com/images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDYvNTA3N2UwMTItN2FiNi00YmY3LWE0MTUtNTUxMWQzYzlkZTg3LmpwZw==.jpg?fit=%2C&ssl=1)
On June 19, the European cryptocurrency investment company CoinShares published Its Digital Asset Flows Report shows that outflows from cryptocurrency investment products totaled $5.1 million last week. These outflows led to nine consecutive weeks of outflows and a cumulative outflow of $423 million.
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Despite this downward trend, there was a silver lining coming into the weekend as news broke that one of the world’s largest asset managers, BlackRock, had filed an application for a Bitcoin (BTC) exchange-traded product, the report noted. Hope (ETP) in the United States. This development resulted in small inflows of funds; however, these were not sufficient to offset the outflows observed earlier in the week. As a result, capital outflows persist.
In terms of regional distribution, inflows in the US and Germany were $3.7 million and $2.4 million, respectively. Year-to-date, the US remains the leader in total capital inflows, with cumulative inflows of $147 million, while Canada faced outflows of $277 million. James Butterfill, author of the report at CoinShares, added: “Despite improved regulatory conditions in Hong Kong, we have not seen any measurable inflows into ETPs so far this year, while total assets under management (AuM) remain low at $39 million. level.”
Last week’s plunge in altcoin prices was the catalyst for investors to increase their positions, according to CoinShares. The total observed inflow of funds is therefore US$ 2.4 million. Notable cryptocurrencies such as XRP (XRP), Cardano (ADA) and Polygon (MATIC) were the focus of these inflows, taking in $1 million, $600,000 and $200,000, respectively.
Ether (ETH), on the other hand, experienced the largest outflows this week, totaling $5 million. Additionally, Tron (TRX) and Avalanche (AVAX) both saw outflows of $400,000. Likewise, CoinShares noted that “blockchain stocks saw their largest outflow since FTX, totaling $12.3 million.”
Related: BlackRock ETF-Filing Grayscale Bitcoin Trust Nears 2023 Highs as Buyers Add
On June 15, BlackRock filed for the first U.S. bitcoin spot exchange-traded fund (ETF). If approved, the ETF would provide investors with a regulated and accessible way to invest in bitcoin. Coinbase Custody Trust will be the custodian for the fund’s bitcoin holdings, while BNY Mellon will handle the fiat assets. The ETF’s bitcoin price will be updated every 15 seconds based on the CF Benchmarks index. Approval of BlackRock’s application could have a significant impact on the wider acceptance and adoption of cryptocurrency investment products in the United States.
Magazine: Gary Gensler’s Job at Risk, BlackRock’s First Spot Bitcoin ETF, and Other News: Hodler’s Digest, June 11-17
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