Digital Asset Investment Products Record $21M Outflows Despite $11.8B Trading Volume
Digital asset funds have recorded a minor $21 million in outflows while trading volumes surged past $11 billion as crypto prices plummeted in the past seven days.
CoinShares’ Digital Asset Weekly Fund Flows report on Jan 22 shows a slight decline in bullish momentum although inflows were recorded across a range of products in several jurisdictions.
Incumbent, higher cost Bitcoin issuers suffered in the US, seeing US$2.9bn of outflows, while newly issued ETFs have now seen a total of US$4.13bn inflows since launch.https://t.co/21zEC4Wlgf
— James Butterfill (@jbutterfill) January 22, 2024
Following the United States Securities and Exchange Commission’s (SEC) approval of spot Bitcoin (BTC) ETFs, institutional products have recorded massive entries associated with the market leader.
The total outflow of $20.8 million now brings the yearly inflows to $1.356 billion while Assets Under Management (AUM) stands at $52.2 billion around the same level as in December.
Blockchain equities posted positive figures of $156 million in the last seven days taking the run in the past nine weeks to $767 million amid a slight market correction.
Multi-assets saw inflows of $9.4 million taking up gains in January to $20.7 million as some altcoins held on to their gains notched in the last quarter of 2023.
Per the report, weekly trading volumes were seven times higher than last year’s average. The increase comes as institutional investors gain more exposure to the market on the back of several spot BTC ETF approvals.
A major narrative throughout the week saw outflows from higher-cost ETFs and inflows from cheaper options. Higher-cost issuers have seen exits hit $2.9 billion in the United States.
This migration of assets can also be seen as funds left
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