Bitcoin
Bitcoin and ETH see $251 million outflow last week, but there’s a problem
Digital asset investment products experienced a continued trend of outflows last week, totaling a substantial $251 million. Notably, this period marked the first case of measurable outflows from newly issued securities Exchange Traded Funds (ETFs) in the United States, worth US$ 156 million.
It’s important to note that these ETFs were launched amid great anticipation, with an estimated average purchase price of $62,200 per bitcoin. However, as the price of bitcoin fell 10% below this level, it likely triggered automatic sell orders, contributing to the exit.
Recovery of flows with launch of spot-based ETF
Despite the general outflow trend, there was a notable positive with the successful launch of spot trading Bitcoin ETF and Ethereum ETF in Hong Kong. In their inaugural week of trading, these ETFs saw impressive inflows worth $307 million. Bitcoin remained the focal point, witnessing significant outflows totaling $284 million.
However, Ethereum broke its seven-week exit streak, attracting $30 million in inflows. Additionally, a variety of altcoins experienced inflows, with notable contributions from Avalanche, Cardano, and Polkadot receiving $0.5 million, $0.4 million, and $0.3 million, respectively.
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Regional Output Trend and Price Analysis
While the outflows predominantly affected the United States, which saw substantial outflows of $504 million, other regions also saw notable trends. Canada, Switzerland and Germany recorded outflows totaling US$9.6 million, US$9.8 million and US$7.3 million, respectively.
These regional variations highlight the global impact of investment trends in digital assets and the diverse factors that influence investor behavior in different markets. Starting today, the live price of Bitcoin (BTC) is at $64,047,678, with a 24-hour trading volume of $25.8 billion. In the last 24 hours, Bitcoin rose 0.36%.
Bitcoin is currently trading in a range of $64,347.32 and $63,027.29, reflecting the dynamic nature of cryptocurrency markets. With a real market value of $1.2 trillion, Bitcoin continues to be a significant player in the digital asset space, demonstrating resilience and continued investor interest.
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