Crypto investment products saw $352 million in outflows over the past week, while trading volumes plummeted by 27%. However, the year-to-date (YTD) inflows remain robust at $35.2 billion.
According to CoinShares’ latest Digital Asset Fund Flows Weekly Report, despite weaker payroll figures and greater prospects for a September interest rate cut in the US, crypto products struggled to attract or even retain their inflows.
Despite last week’s net outflows, Ethereum exchange-traded products (ETPs) inflows remain elevated at $11.2 billion for the year. Total value tied in US spot ETH exchange-traded products (ETPs) currently stands at $27.64 billion.
In terms of countries, the US saw $440 million in outflows, while Germany and Hong Kong witnessed $85.1 and $8.1 million in inflows, respectively. Other countries such as Australia, Brazil, and Canada, recorded inflows as well.
The recent beating taken by crypto ETPs signals waning interest in digital assets. However, the price of leading cryptocurrencies such as BTC and ETH continues to hover close to their latest all-time highs (ATHs), hinting that high net outflows from crypto ETPs may be temporary.
