CoinShares’ latest weekly report revealed that crypto-related investment products saw their fourth consecutive week of negative flows, dominated by the “measurable outflows from the newly issued ETFs in the US.”According to the report, the market saw an outflow totaling $251 million, with the Newborn Nine spot Bitcoin ETFs accounting for over 60%, or $156 million, of these flows.James Butterfill, CoinShares head of research, said:“We estimate the average purchase price of these ETFs since launch to be $62,200 per bitcoin, as the price fell 10% below that level, it may have triggered automatic sell orders.”A breakdown of the flows showed that Fidelity’s FBTC saw the highest outflow amount, with $131 million exiting the fund, followed by Ark 21 Shares’ ARKB, which saw outflows amounting to $84 million.Meanwhile, BlackRock’s IBIT saw a modest negative flow of $24 million, while Grayscale’s Bitcoin ETF continued its outflow trend, with $277 million withdrawn during the period.The performance of these ETFs pushed outflows from the United States to $504 million. Notably, Canada, Switzerland, and Germany also saw outflows totaling $9.6 million, $9.8 million, and $7.3 million, respectively.However, despite the performance of US-based spot Bitcoin ETFs, the newly launched spot-based Bitcoin and Ethereum ETFs in Hong Kong saw $307 million in inflows during the first week of their trading.Across assets, Bitcoin saw outflows totaling $284 million, propelling its month-to-date outflow to $291 million.CryptoSlate’s previous reports found that crypto investors increasingly sought exposure to altcoins while reducing their exposure to flagship digital currencies like Bitcoin.This trend continued this week as altcoins like Avalanche, Cardano, and Polkadot saw modest inflows of approximately $0.5 million, $0.4 million, and $0.3 million, respectively.Notably, Ethereum broke its 7-week spell of negative flows, seeing $30 million of inflows last week. This has reduced ETH’s year-to-date outflow to a negative of $20 million.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics. Join our X community for real-time crypto news and expert insights.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.Embracing Bitcoin mining could be pivotal in Trump’s envisioned energy strategy.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.Embracing Bitcoin mining could be pivotal in Trump’s envisioned energy strategy.Miller argued that the flagship crypto remains vastly undervalued and predicts a major shift in global capital governance.The report highlights significant gaps in law enforcement’s ability to track and recover illicit digital assets moved via privacy coins, layer-2 networks, and crypto mixers. CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
