- Digital asset investment products continue to see outflows amid declining interest and trading volumes in cryptocurrency markets as a total of $59 million flowed out of various products last week, marking the fourth consecutive week of outflows.
While outflows have been frequent over the past year as the cryptocurrency market continues to languish in ‘crypto winter’ conditions, short-Bitcoin products also saw inflows last week, which suggests “sentiment remains poor for the asset class,” according to James Butterfill, head of research at CoinShares.“Trading volumes also dropped significantly, by 73% in comparison to the prior week to just US$754m for the week,” Butterfill said.
“Timing-wise this is interesting as the inflows in March also came at a time of heightened regulatory uncertainty,” Butterfill said. Nearly all countries offering digital asset investment products witnessed outflows with the exception of Australia, which was flat, and Brazil, which saw $0.1 million worth of inflows. Germany led the way with $20 million in outflows, followed by Canada with $17.6 million and $12.3 million in the U.S.“Blockchain equities did not escape the negative sentiment, with US$10.8m outflows, marking the 5th consecutive week of outflows,” Butterfill said.
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