This week, crypto asset investment products experienced significant outflows, with a total of $584 million exiting crypto-focused investment vehicles. This data comes from the latest report by CoinShares, published on June 10, 2024.
The outflows mark the second consecutive week of declines, bringing the two-week cumulative outflows to $1.2 billion. James Butterfill, Head of Research at CoinShares, attributes this to investor uncertainty surrounding potential interest rate cuts by the US Federal Reserve.
Bitcoin investment products saw the largest outflows, with $630 million leaving BTC investment products. Ethereum also experienced negative flow activity, with $58 million in outflows. Global ETP volumes fell to $6.9 billion, the weakest weekly trading volume since the launch of spot Bitcoin ETFs in the United States earlier this year.
The United States led in outflows with $475 million, followed by Canada at $109 million. Switzerland and Brazil saw inflows of $39 million and $48.5 million, respectively. Solana, Litecoin, and Polygon saw gains of $2.7 million, $1.3 million, and $1 million, respectively. Multi-asset investment products recorded $98 million in inflows.