Recession Fears Trigger $528,000,000 in Outflows From Crypto Products: CoinShares

Digital assets manager CoinShares says that institutional crypto investors pulled hundreds of millions from digital asset investment vehicles last week.

In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products suffered $528 million in outflows last week due to fear of a recession in the United States.

Buy physical gold and silver online

“Digital asset investment products saw outflows for the first time in 4 weeks totaling US$528m 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.”

Source: CoinShares

The US led outflows at $531 million. While Germany and Hong Kong contributed $12 million and $27 million in outflows, respectively, Canada and Switzerland saw inflows of $17 million and $28 million.

After five consecutive weeks of inflows, Bitcoin (BTC) bled to the tune of $400 million last week. Ethereum (ETH) similarly suffered $146 million in outflows, bringing ETH’s year-to-date outflows to $430 million. However, CoinShares sees a silver lining for the leading smart contract platform.

“This data masks the positive inflows of US$430m last week from the newly launched US ETFs, but offset by US$603m outflows from the incumbent Grayscale trust. Minor outflows were also seen in European ETPs.”

Multi-asset crypto investment vehicles enjoyed $18.1 million in inflows, while XRP and Litecoin (LTC) raked in $0.4 million and $0.2 million a piece.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Aleksandr Kukharskiy

The post Recession Fears Trigger $528,000,000 in Outflows From Crypto Products: CoinShares appeared first on The Daily Hodl.

About the author

Why invest in physical gold and silver?
文 » A