CoinShares Reports Heaviest Crypto Outflows Since March
Digital assets manager CoinShares has revealed that the crypto markets experienced their largest outflows last week since March. According to CoinShares’ latest report, digital assets lost $168 million over the week, marking a two-week streak of outflows. The negative sentiment in the market is believed to be due to the expectation that a spot Bitcoin exchange-traded fund (ETF) in the US will take longer to be approved than anticipated. BTC took the biggest hit, losing $149 million in outflows. However, overall net flows for the year remain positive at $265 million. Altcoin products such as XRP, Litecoin, Cardano, and Solana saw inflows, while Ethereum and Binance Coin products experienced losses.
Key Points:
– Crypto markets saw their heaviest outflows since March, with digital assets losing $168 million last week.
– Negative sentiment is attributed to the expectation of a delayed approval for a spot Bitcoin ETF in the US.
– BTC experienced the largest outflows, losing $149 million.
– Overall net flows for the year remain positive at $265 million.
– Altcoin products like XRP, Litecoin, Cardano, and Solana saw inflows, while Ethereum and Binance Coin products experienced losses.
Hot Take:
The recent heavy outflows from the crypto markets suggest that investor sentiment is turning cautious due to the anticipated delay in the approval of a spot Bitcoin ETF in the US. While Bitcoin faced the brunt of the outflows, altcoins like XRP, Litecoin, Cardano, and Solana saw some inflows. This indicates that investors are still interested in diversifying their portfolios and exploring other cryptocurrencies. The overall net flows for the year remain positive, indicating that despite the recent challenges, there is still optimism and potential in the crypto market.
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