{"id":65319,"date":"2023-09-25T17:22:39","date_gmt":"2023-09-25T21:22:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/digital-asset-products-record-outflows-in-sixth-consecutive-week-europe-overtakes-us-in-bullish-stance-coinshares-report\/"},"modified":"2023-09-25T17:22:43","modified_gmt":"2023-09-25T21:22:43","slug":"digital-asset-products-record-outflows-in-sixth-consecutive-week-europe-overtakes-us-in-bullish-stance-coinshares-report","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=65319","title":{"rendered":"Digital Asset Products Record Outflows In Sixth Consecutive Week, Europe Overtakes US in Bullish Stance: CoinShares Report"},"content":{"rendered":"
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Cryptocurrency investment products recorded outflows for the sixth consecutive week with market leaders Bitcoin (BTC) and Ethereum (ETH) leading the pack.<\/p>\n

A new CoinShares market report<\/u> shows total outflows from digital asset products totaling $9 million with BTC accounting for $6 million in its third consecutive week of outflows while leading altcoin ETH in its sixth consecutive week of outflows posted $2.2 million.\u00a0<\/p>\n

As the crypto winter ravages the space, volumes were also significantly lower at $820 million for the week than the yearly average of $1.3 billion\u00a0<\/p>\n

Short-bitcoin saw total exits hitting $2.8 million far below its $15 million high this month with 78% of assets under management (AUM) withdrawn in the last 22 weeks.\u00a0<\/p>\n

Multi-asset products are also in slight losses this past week with total outflows for the year tapping $32 million.<\/p>\n

Meanwhile, amidst losses from BTC and ETH, altcoins like Ripple (XRP) and Solana (SOL) recorded inflows of $0.66 million and $0.31 million following investor confidence in the other altcoins.\u00a0<\/p>\n

Bull’s eye growth amid chaos\u00a0<\/h2>\n

At press time, the price of Bitcoin trades at $26,337, way below this year\u2019s $31,000 high after the BlackRock ETF application<\/u> followed by several firms making similar moves showing a renewed institutional investment.<\/p>\n

Despite this, bulls are keen on a change in the status quo and this can be seen in the week-on-week reports so far.<\/p>\n

In the previous report, weekly outflows in investment products<\/u> totaled $54 million with a staggering eight weeks sum of $455 million. BTC also led the pack with $45 million in exits, 85% of the total volume.<\/p>\n

\"\"Ethereum on the other hand recorded limited outflows of $4.8 million with the United States posting the highest number of exits.<\/p>\n

Europe takes the torch\u00a0<\/h2>\n

It has been widely noted that the UK market has been in a bit of chaos following unclear rules and multiple court cases. This reality is encapsulated in the report.\u00a0<\/p>\n

Per the data, Europe recorded inflows of $16 million in digital asset products while United States investors withdrew $14 million from the market pointing to a divergence in recent investment narratives in both regions.\u00a0<\/p>\n

In total monthly investments, outflows in the US remain higher at $67.5 million while Europe recorded $24 million with Germany, Sweden, France, and Switzerland most notable.<\/p>\n

The major driver of this trend remains clear regulations in Europe following the signing of the Market in Crypto Assets (MiCA)<\/u> regulation.\u00a0<\/p>\n

Recently industry executives have criticized the bottleneck and enforcement by court approach of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission.\u00a0<\/p>\n

Pro-market policy watchers have also reiterated a potential migration of web3 talent away from the US to industry-friendly jurisdictions.\u00a0<\/p>\n

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This month, Coinbase announced a global expansion plan<\/u> listing regions like the UK, Europe, Brazil, and Hong Kong as \u201cnear-term priorities\u201d <\/i>while criticizing regulators in the United States.<\/p>\n<\/p><\/div>\n