United

Bitcoin ETF

Bitcoin

Digital asset investment products experienced a continued trend of outflows last week, totaling a substantial $251 million. Notably, this period marked the first instance of measurable outflows from newly issued <a href="https://coingape.com/bitcoin-etf-outflows-rebound-to-34m-as-arkb-buys-the-dip/" target="_blank" rel="noopener noreferrer nofollow">Exchange-Traded Funds (ETFs)</a> in the United States, amounting to $156 million.
It’s worth noting that these ETFs were launched amid high anticipation, with an estimated average purchase price of $62,200 per bitcoin. However, as the price of bitcoin declined by 10% below this level, it likely triggered automatic sell orders, contributing to the outflow.
<h2 id="inflows-rebound-with-spot-based-etf-launch">Inflows Rebound With Spot-Based ETF Launch</h2>
Despite the overall outflow trend, there was a notable bright spot with the successful launch of spot-based <a href="https://coingape.com/bitcoin-news-us-lawmakers-push-sec-chair-to-greenlight-btc-etf-options/" rel="noopener noreferrer nofollow">Bitcoin ETF</a> and Ethereum ETF in <a href="https://coingape.com/hong-kong-bitcoin-etf-notes-first-outflow-despite-btc-recovery/amp/" rel="noopener noreferrer nofollow">Hong Kong</a>. In their inaugural week of trading, these ETFs garnered impressive inflows amounting to $307 million. Bitcoin remained the focal point, witnessing significant outflows totaling $284 million.
However, <a href="https://coingape.com/price/ethereum" rel="noopener noreferrer nofollow">Ethereum</a> broke its seven-week streak of outflows, attracting $30 million in inflows. Additionally, a variety of altcoins experienced inflows, with notable contributions from Avalanche, Cardano, and Polkadot, receiving $0.5 million, US$0.4 million, and $0.3 million, respectively.
Also Read: <a href="https://coingape.com/binance-ceo-urges-tigran-gambaryan-release-nigeria-crisis/" rel="noopener noreferrer nofollow">Binance CEO Urges Tigran Gambaryan’s Release Amid Nigeria Crisis</a>
<h2 id="regional-outflow-trend-and-price-analysis">Regional Outflow Trend and Price Analysis</h2>
While the outflows predominantly affected the United States, which experienced a substantial US$504 million in outflows, other regions also observed notable trends. Canada, Switzerland, and Germany recorded outflows totaling US$9.6 million, US$9.8 million, and US$7.3 million, respectively.
These regional variations highlight the global impact of digital asset investment trends and the diverse factors influencing investor behavior across different markets. As of today, the live price of <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> stands at $64,047.678, with a 24-hour trading volume of $25.8 billion. Over the past 24 hours, Bitcoin has surged by 0.36%.
Currently, Bitcoin is trading within the range of $64,347.32 and $63,027.29, reflecting the dynamic nature of cryptocurrency markets. With a live market cap of $1.2 trillion, Bitcoin continues to be a significant player in the digital asset space, demonstrating resilience and ongoing investor interest.
Also Read: <a href="https://coingape.com/xrp-lawsuit-sec-files-final-reply-in-remedies-phase/" rel="noopener noreferrer nofollow">XRP Lawsuit: SEC Files Final Reply In Remedies Phase</a>
The post <a href="https://coingape.com/bitcoin-eth-records-251m-outflow-last-week-but-theres-a-catch/" rel="noopener noreferrer nofollow">Bitcoin &amp; ETH Records $251M Outflow Last Week, But There’s A Catch</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin & ETH Records $251M Outflow Last Week, But There’s A Catch

Table of Contents

Coingape News Media

Other articles published on May 7, 2024

Charting the Course: NVIDIA's Technological Odyssey and the Future of AI Robotics

Arbitrum Price Trends and Market Analysis

Experts Highlight Key Data Point for Ethereum (ETH): What Analysts are Watching Closely

Chainlink Dominates Real World Assets Development Surpassing Synthetix

This Ethereum ‘weakness’ may keep ETH’s price below $3,100

Will There Be a Trump Rally in Bitcoin? Expecting 150 Thousand Dollars in BTC, Standard Chartered...

Join our free newsletter for daily crypto updates!