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Crypto Investment Products Witness 9th Straight Week of Outflows: CoinShares
Altcoins witnessed inflows totalling $2.4 million, according to the report.
Updated Jun 19, 2023, 1:36 p.m. Published Jun 19, 2023, 1:36 p.m.
Digital asset investment products witnessed the ninth consecutive week of outflows last week, pushing the total to $423 million, according to a report by CoinShares.
Last week's outflows totalled $5.1 million, with the end of the week seeing minor inflows after the news that BlackRock (BLK) filed a bitcoin spot exchange traded fund application in the U.S. However, the inflows were not large enough to offset outflows seen earlier on in the week.
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After a rocky few weeks for altcoins, investors were prompted to add positions, with inflows totalling $2.4 million, CoinShares said.
Altcoin prices have suffered after the U.S. Securities Exchange Commision (SEC) listed a number of altcoins as securities in its lawsuits against Binance and Coinbase (COIN). XRP saw inflows of $1 million last week and Cardano's ADA saw $600,000.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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