Crypto Investment Products Experience $240 Million Outflows Last Week
The digital asset market is experiencing significant outflows due to geopolitical tensions and bearish sentiment. Key points include:
- Crypto investment products saw outflows of $240 million last week, as reported by CoinShares.
- Bitcoin dropped 7.89% to $76,706; Ethereum fell 16.39% to $1,498.
- Bitcoin's decline resulted in losing support levels, including the 50-week Exponential Moving Average at $77,000, with a new “death cross” forming on the BTC/USD chart.
- Outflows were primarily driven by Bitcoin ($207 million) and Ethereum ($37.7 million); Solana and Sui had outflows of $1.8 million and $4.7 million, respectively.
- The US led the outflows with $210 million, followed by Germany at $17.7 million; Canada recorded $4.8 million in inflows.
- Despite outflows, blockchain equities saw inflows of $8 million for the second consecutive week, suggesting a preference for blockchain companies over volatile cryptocurrencies.
- Total assets under management (AUM) in crypto investment products increased by 0.8% to $132.6 billion.
Investors are currently in a state of extreme fear, with the crypto Fear & Greed Index at 23, while traditional markets hit record lows on the Fear & Greed Index.