Cryptocurrency investment products failed to continue the trend of inflows for two consecutive weeks, experiencing net outflows last week following the market crash on "Black Friday."
CoinShares reported on Monday that outflows from cryptocurrency exchange-traded products (ETPs) reached $513 million last week, ending a previous trend of inflows totaling $9.1 billion over the prior two weeks.
James Butterfill, Head of Research at CoinShares, stated that following the "Binance liquidity event" on October 10, a total of $668 million flowed out, with panic in the ETP market being lower than in the spot market.
He noted that while investors in cryptocurrency exchange-traded products (ETPs) reacted mildly to the event, on-chain investors were more pessimistic.
Bitcoin (BTC) was the main source of outflows from cryptocurrency exchange-traded products (ETPs) last week, with total outflows amounting to $946 million. Butterfill added that the outflows brought the year-to-date cumulative inflows down to $29.3 billion, significantly lower than last year's $41.2 billion.
On the other hand, as investors bought the dip, Ethereum (ETH) continued to strengthen, with funds recording inflows of $205 million. Butterfill pointed out that the largest inflow came from a 2x leveraged Ethereum exchange-traded product (ETP), with an inflow amount of $457 million.
Solana (SOL) and Ripple (XRP) funds continued to see inflows under optimistic expectations for new ETP product launches, with inflows of $156 million and $74 million, respectively. The performance of the Solana ETP was particularly notable, with inflows increasing by 67% compared to the previous week.
As a new round of outflows from crypto ETPs occurred, the cryptocurrency fear and greed index—an indicator measuring overall sentiment in the cryptocurrency market—fell to its lowest level since April.
According to data from Alternative.me, the index dropped to 22 points on Friday, when Bitcoin fell below $105,000, reflecting strong "fear" sentiment in the market.
As of Monday, the "fear" sentiment persisted, with the index at 29 points. The lowest value so far in 2024 occurred at the end of February, when Bitcoin plummeted from $96,000 to around $84,000, with CoinGecko reporting a score of 10.
At the time of writing, the price of Bitcoin was $111,019, down about 3% over the past week and approximately 4% over the past month.
The price of Ethereum was $4,035, down about 3% over the past week and approximately 9% over the past 30 days.
Related: BitMine Chairman Tom Lee claims that the misalignment in Ethereum (ETH) prices is a buying signal.
Original article: “Crypto funds see two-week inflow momentum halted—what went wrong”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
