Digital Asset Outflows Reaches $251M for Fourth Straight Week: CoinShares

Digital asset outflows reached $251 million for the fourth consecutive week, according to CoinShares’ latest report on digital asset fund flows. This marks the first measurable outflows from newly issued ETFs in the US, amounting to $156 million. The average purchase price of these ETFs since their launch is estimated to be $62,200 per bitcoin. As the price dropped below this level, sell orders may have been triggered. Bitcoin saw the most significant outflows, totaling $284 million, while Ethereum broke its seven-week spell of outflows and attracted $30 million in inflows. Various altcoins such as Avalanche, Cardano, Polkadot, Solana, and Litecoin also saw inflows. Outflows were mainly concentrated in the US, followed by Sweden, Canada, Switzerland, and Germany. However, Brazil experienced inflows of $3.7 million. In a positive development, spot Bitcoin and Ethereum ETFs launched successfully in Hong Kong and attracted almost $307 million in inflows in their first week of trading.