Crypto Investment Products Experience $223 Million Outflow After 14 Weeks
Digital asset investment products experienced $223 million in outflows after 14 weeks of inflows, primarily due to signals from the Federal Reserve and strong US economic data.
Bitcoin Leads Outflows
- CoinShares reported a total of $223 million in outflows from digital asset investment products by week's end, marking the first outflow in 15 weeks.
- Initial inflows were $883 million, but later outflows reversed this trend.
- Bitcoin led the outflows with $404 million, reflecting its sensitivity to monetary policy.
- Ethereum recorded inflows of $133 million, marking its 15th consecutive week of growth.
- XRP, Solana, and Cardano also saw notable inflows while showing price gains.
BlackRock IBIT ETF Performance
- BlackRock's iShares Bitcoin ETF (IBIT) secured $749 million in weekly inflows, solidifying its market leadership.
- In 18 months, spot Bitcoin ETFs have gained popularity, particularly BlackRock's version.
- IBIT crossed $80 billion in assets and holds over 706,000 BTC, making it the fastest-growing ETF compared to traditional funds.
- Its holdings exceed those of Michael Saylor's firm by about 80,000 BTC.