The crypto investment products recorded minor exits last week, putting end à 11 consecutive weeks of entries.
According to a report published this Monday by British crypto manager CoinSharescryptocurrency investment products such as ETPs and ETFs recorded outflows totaling $16 million last week.
This was the first week in the red for crypto products in 11 weeks. Trading activity nevertheless remained at a high level ($3.6 billion in volume) compared with the rest of the year, CoinShares reports.
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The mixed regional flows suggest that this had more to do with profit-taking than a change in sentiment towards the asset class,” the manager goes on to say.
Outflows were mainly concentrated in the USA, Germany and Sweden, while capital flowed in from Switzerland and Canada, according to the report.
Outflows on Bitcoin products reached $32.8 million last week and $4.3 million on Ethereum. Products on several major altcoins, including Solana, Cardano, XRP and Chainlink, resisted the trend, notes CoinShares.
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