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The cryptocurrency ETF market experienced a significant reversal last week, with net outflows totaling $528 million.
What Happened: This marks the first outflow period in four weeks, highlighting the impact of growing concerns about a potential U.S. recession, geopolitical tensions and widespread liquidations across various asset classes.
Bitcoin (CRYPTO: BTC), the world’s leading cryptocurrency, bore the brunt of this market sentiment, seeing outflows of $400 million — its first negative flow after five consecutive weeks of inflows.
Ethereum (CRYPTO: ETH) followed suit with outflows of $146 million, bringing its total net outflows since the launch of U.S. ETFs to $430 million.
The sell-off was particularly pronounced in the United States, which accounted for $531 million in outflows.
Germany and Hong Kong also saw outflows of $12 million and $27 million, respectively.
However, some regions viewed the price weakness as an opportunity, with Canada and Switzerland reporting inflows of $17 million and $28 million, respectively.
Also Read: Bitcoin, Ethereum ETFs Record Net Inflows On Thursday As Ark Invest Rebalances Portfolio
Breaking down the ETF landscape, Grayscale’s Bitcoin Trust (OTC:GBTC) continued its streak of outflows, shedding $245 million in the week of July 29 to Aug. 2, bringing its historical net outflow to a staggering $19.06 billion, according to data from SoSo Value.
In contrast, BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) saw a weekly net inflow of $370 million, pushing its total historical net inflow to $20.1 billion.
On the Ethereum front, spot ETFs experienced a net outflow of $169 million last week, according to data.
Grayscale’s Ethereum Trust (NYSE:ETHE) saw significant outflows of $603 million, bringing its historical net outflow to $2.12 billion.
BlackRock’s iShares Ethereum Trust (NASDAQ:ETHA), however, bucked the trend with an inflow of $271 million, raising its total net inflow to $713 million.
James Butterfill, Head of Research at CoinShares said digital asset investment products saw outflows for the first time in 4 weeks totaling $528 million in what we believe is a reaction to fears of a recession in the US, geopolitical concerns and consequent broader market liquidations across most asset classes.”
The market turbulence has had a significant impact on the total assets under management (AuM) in crypto ETPs, with $10 billion wiped off since Friday’s close.
Trading volumes in ETPs reached $14.8 billion last week, representing a lower than average 25% of the total market.
What Happened: Industry stakeholders and investors are expected to delve deeper into these issues at Benzinga’s Future of Digital Assets event on Nov. 19.
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