The past week has recorded an outflow of nearly $33 million from Bitcoin products after an 11-week-long streak of inflows.
According to CoinShare’s latest weekly report, the Bitcoin-based investment products – offered by several institutions, including Grayscale, CoinShares, and numerous others – have recorded an outflow of $32.8 million during the week of December 11 to December 16. Alongside, Bitcoin short products have also witnessed a minor $0.3 million outflow during the past week.
![Weekly Crypto Assets Flows](https://www.cryptotimes.io/wp-content/uploads/2024/02/rabJt90ABs738lPbksnLAn-MSr5BxKAxH5VoKREkvGlyy9N78V3ysNcZAAunCbC5OFeWKvZV9x8ivHIRJV-kk_i005fm970A4uF13BjJh8SIzB8_5g-zOJyhUXxaJKhsX1lfaaUmk-LhDg10s4G3KoM.png)
While the whole crypto market has gone through a net outflow of $15.8 million, Bitcoin products have contributed the most among all assets. Previously all these weeks, Bitcoin was a dominating asset in attracting massive inflows into the crypto industry.
![Crypto Assets Outflow](https://www.cryptotimes.io/wp-content/uploads/2024/02/OGoCl278PWFRUv5iYkUjnrjS7dfxgpfIDVyihdc-XKj2_CVJIDxu6RJ57jDpv6EfNMpc-6fPFCXtrtYY73JM2CRS14Cmn09gY558At3x_y1Y28vQvWUKKh8_BTWZxYmurRuacnnQTMcST7mVixZzZzQ.png)
“Digital asset investment products saw minor outflows totalling US$16m, ending an 11-week run of inflows,” cited the report. “Trading activity remained well above the year average though, totalling US$3.6bn for the week, compared to the year-to-date average of US$1.6bn.”
The outflow has apparently coincided with the Bitcoin price, which has put a halt on gains after continually surging over the past 8 weeks from nearly $27,000 to breaking above $44,000 earlier this month. Bitcoin is currently trading at around $40,000, up over 12% in the past month – according to Coinmarketcap data.
![Bitcoin Price (Past 1 Month)](https://www.cryptotimes.io/wp-content/uploads/2024/02/39e43QVhH4mJi2Upsh9GMfUhrvCiZ_NNaUXpZY5ipHEoPkOpqVcU__JqCprfqIuKOW9g3XzCagp7lY-gwNiO-tydCJ4i4uS8aq6I12tCobtB5vVorb2xiT1EKeFcroeXtbE4BAzdw8WYvmUskw-6oVY.jpeg)
Altcoins bucked the trend, seeing US$21 million in inflows. The main beneficiaries are Solana, Cardano, XRP, and Chainlink, totaling US$10.6m, US$3m, US$2.7m, and US$2m respectively. Ethereum and Avalanche suffered a little, seeing US$4.4m and US$1m respectively.
Also Read: Bitcoin Likely to Outpace Gold in 2024: Strategist