Digital asset investment products continued to see outflows as more than $168 million was pulled from these funds last week, the highest amount since March.
- Digital asset investment products continued to see outflows during the week ending August 25 as more than $168 million was pulled from these investment vehicles, representing the largest outflow since the U.S. Securities and Exchange Commission filed lawsuits against some of the industry’s largest exchanges in March.
“This negative sentiment, we believe is due to the increasing acceptance that a spot-based ETF for Bitcoin in the U.S. is likely to take longer than many expect, with recent delays being announced by the SEC,” Butterfill said.Bitcoin products accounted for the majority of outflows, with $149 million exiting these funds last week. Looking at the yearly totals, the net basis flows remain positive at $265 million.
When it comes to which regions saw the highest level of funds being withdrawn, Butterfill noted, “The outflows were spread across most geographies, highlighting the negative sentiment is broad-based.”Germany and Canada, which have been the most active jurisdictions in recent months, saw outflows of $68 million and $61 million, respectively, while Brazil experienced the highest level of inflows with $2.2 million.
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