Crypto Investment Products Witness 9th Straight Week of Outflows: CoinShares

Altcoins witnessed inflows totalling $2.4 million, according to the report.

AccessTimeIconJun 19, 2023 at 1:36 p.m. UTC

Digital asset investment products witnessed the ninth consecutive week of outflows last week, pushing the total to $423 million, according to a report by CoinShares.

Last week's outflows totalled $5.1 million, with the end of the week seeing minor inflows after the news that BlackRock (BLK) filed a bitcoin (BTC) spot exchange traded fund application in the U.S. However, the inflows were not large enough to offset outflows seen earlier on in the week.

After a rocky few weeks for altcoins, investors were prompted to add positions, with inflows totalling $2.4 million, CoinShares said.

Altcoin prices have suffered after the U.S. Securities Exchange Commision (SEC) listed a number of altcoins as securities in its lawsuits against Binance and Coinbase (COIN). XRP saw inflows of $1 million last week and Cardano's ADA saw $600,000.

Ether (ETH) saw outflows totalling $5 million.

Edited by Parikshit Mishra.


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Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.