Weekly outflows across crypto ETFs continue despite slight Bitcoin ETF inflows
|- Traditional investors continue to shed their holdings as crypto ETFs saw a third week of consecutive outflows totaling $30 million.
- Ethereum ETFs were most affected in past week with $61 million in outflows.
- CoinShares' report suggests Bitcoin may be experiencing a change in market sentiment.
CoinShares' report on Monday revealed that crypto ETFs experienced a third consecutive week of outflows, fueled by significant outflows across Ethereum ETFs. Bitcoin, on the other hand, saw slight inflows during the week, hinting toward positive market sentiment.
Crypto ETF outflow streak continues
Digital asset ETFs saw another week of outflows, stretching their three-week run to a cumulative $1.23 billion outflows, according to data from CoinShares. Last week's $30 million outflows shows traditional investors are reducing their exposure to crypto assets.
Weekly trading volumes across these ETFs increased by 43% to $6.2 billion but remained below the year's $14.2 billion weekly average.
On the international scene, US crypto ETFs continue to dominate with over $43 million in net inflows despite outflows from Grayscale's GBTC. Australia and Brazil followed with $3 million and $7.6 million in inflows, respectively.
Ethereum had the highest share of outflows across crypto assets with $61 million worth of exits across ETH ETFs.
The outflows follow regulatory clashes between the Securities & Exchange Commission (SEC) and Ethereum wallet developer Consensys after the agency sued the company for breaking securities laws.
While Ethereum ETFs lagged, their Bitcoin counterparts made slight progress with $10 million of inflows, indicating a "turn in market sentiments." Bitcoin is trading at $63,000 with a 2.4% rise over the last 24 hours. The recent rise has extended its weekly gains to 3.7%.
Meanwhile, multi-asset crypto ETFs alongside altcoins like Solana and Litecoin products saw inflows of $10 million, $1.6 million and $1.4 million, respectively.
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