The results are in… digital asset investment products saw $251M in net total outflows last week.
That’s the 4th straight week of sell-offs. 🤬
Here’s everything you need to know from the report:
BTC led the way with $284M in outflows. Unusually, BTC was also the only asset to see outflows.
ETH finally saw positive flows! After 7 straight weeks of outflows, ETH saw $30M in inflows last week.
The bright spot… Hong Kong’s new ETFs saw $307M in total inflows in their debut week.
A wide range of altcoins saw inflows. The biggest winners… Avalanche, Cardano, and Polkadot.
We’ll see who can keep the momentum going this week.
Milk Road Take: $251M decided to take a hike from crypto funds….
Comparing absolute values of inflows and outflows does not do justice.
Instead…. looking at the flows as a % of total market cap is key.
$284M is roughly 2% of the total net value of BTC ETFs, which is about $12B. Comparing that to the total BTC market cap of $1.23T… it is almost not even relevant.