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Bitcoin vs. Ethereum: Institutional Investors Diverge as Digital Asset Funds See Outflows

Bitcoin vs. Ethereum: Institutional Investors Diverge as Digital Asset Funds See Outflows

CoineditionCoinedition2024/07/01 22:13
By:Ebiseyei Badei
  • Digital asset outflows reached $30 million in three weeks.
  • Bitcoin and multi-asset investments see positive inflows despite overall market caution.
  • The U.S. leads regional inflows, while Germany, Canada, Hong Kong, and Switzerland experience substantial outflows.

Digital asset investment funds have experienced $30 million in outflows over the past three weeks, with Ethereum facing its largest withdrawals since 2022, according to recent data .

Earlier in the week, most Exchange-Traded Funds (ETF) investment vehicles posted minor outflows, contrasting with previous performances. iShares ETFs recorded a positive inflow of $84 million, with a month-to-date (MTD) total of $1.1 billion. Fidelity ETFs also reported inflows of $13 million, adding to their year-to-date (YTD) total of $9.2 billion.

However, these positive inflows were offset by Grayscale Investments’ significant outflow of $153 million during the same period. Meanwhile, trading volume rose by 43% compared to the previous week, although this figure remains below the $14.2 billion weekly average for 2024.

Bitcoin remained the most popular asset in the cryptocurrency market, attracting $10 million in weekly inflows, equating to $15.5 billion in YTD inflows. Additionally, Litecoin and Solana saw minor positive inflows alongside altcoins like XRP and Chainlink.

Ethereum posted its worst performance since 2022, experiencing outflows totaling $61 million over the past week. This figure brings its net inflow to $119 million over the past two weeks, making it the worst-performing digital asset YTD in net flows.

In contrast, multi-asset investments and Bitcoin topped the inflows with $17.9 million and $10 million, respectively. Short Bitcoin recorded an outflow of $4.2 million last week, suggesting a shift in sentiment. Despite the positive cryptocurrency market outlook this year, blockchain entities have suffered outflows of $545 million, representing 19% of Assets under Management (AuM).

The United States led regional inflows with $43 million for the week, alongside Australia and Brazil, which had positive inflows of $2.9 million and $7.6 million, respectively. On the other hand, Germany and Canada saw substantial outflows, losing $28.5 million and $14.4 million, respectively, for the week. Hong Kong and Switzerland also posted outflows of $23 million and $13 million, respectively.

Overall, the digital asset market showed mixed performance across various sectors, suggesting a cautious investment landscape.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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