{"id":82371,"date":"2024-06-24T16:10:53","date_gmt":"2024-06-24T20:10:53","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=82371"},"modified":"2024-06-24T16:14:53","modified_gmt":"2024-06-24T20:14:53","slug":"bitcoin-faces-630m-outflows-amid-growing-pessimism","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-faces-630m-outflows-amid-growing-pessimism\/","title":{"rendered":"Bitcoin Faces $630M Outflows Amid Growing Pessimism"},"content":{"rendered":"\n

Digital asset investment<\/a> products saw $1.2 billion in outflows over two weeks, likely due to investor pessimism about potential Fed rate cuts.<\/p>\n\n\n\n

\"Bitcoin
Bitcoin Faces $630M Outflows Amid Growing Pessimism<\/figcaption><\/figure>\n\n\n\n

Digital asset investment products encountered a second consecutive week of outflows, resulting in a loss of $1.2 billion, which amounted to $584 million.

This could potentially be a consequence of the pessimism among investors regarding prospective Fed interest rate cuts this year, as per CoinShares.<\/p>\n\n\n\n

The most recent edition of CoinShares' Digital Asset<\/a> Fund Flows Weekly Report indicates that short positions did not increase substantially, but Bitcoin bore the brunt and remained the primary focus, with $630 million in outflows.<\/p>\n\n\n\n

Ethereum, which has experienced an uptick in investor interest this quarter, was not immune to the negative sentiment and experienced $58 million in outflows over the past week. It is intriguing that certain altcoins have capitalized on the recent price decline.<\/p>\n\n\n\n

These investment products are priced at $2.7 million, $1.3 million, and $1 million, respectively, and are designed for Solana, Litecoin, and Polygon.

XRP and Chainlink-based investment products also experienced minor inflows of $0.7 million and $0.3 million, respectively, during the same period.<\/p>\n\n\n\n

The investment firm that specializes in Europe observed that investors likely perceived the decline in the altcoin market as an opportunity to purchase at a reduced price, as evidenced by the $98 million invested weekly in multi-asset products. This trend implies that certain market participants are exploiting the recent weakness to diversify their crypto holdings<\/a>.<\/p>\n\n\n\n

Last week, the trading activity in crypto ETPs reached a low point, with global volumes reaching a mere $6.9 billion. The report indicated that this is the lowest figure registered since the introduction of spot Bitcoin ETFs\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> in January of this year. Canada followed pace with $109 million in weekly outflows, while the United States led the outflows with $475 million.

Germany and Hong Kong followed, with outflows of $24 million and $19 million, respectively. Sweden also experienced minimal outflows of $5.3 million during the week.

In contrast, Switzerland and Brazil experienced inflows of $39 million and $48.5 million, respectively, despite the negative trend.<\/p>\n","protected":false},"excerpt":{"rendered":"

Digital asset investment products saw $1.2 billion in outflows over two weeks, likely due to investor pessimism about potential Fed rate cuts. Digital asset investment products encountered a second consecutive week of outflows, resulting in a loss of $1.2 billion, which amounted to $584 million. This could potentially be a consequence of the pessimism among […]<\/p>\n","protected":false},"author":36,"featured_media":82375,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[20184,152,20183],"class_list":["post-82371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-630m","tag-bitcoin","tag-pessimism"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/GettyImages-2070086171-083d1a9e4d464f658ed24e91017aa2fc-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=82371"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82371\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/82375"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=82371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=82371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=82371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}