Net outflows from cryptocurrency investment products for February 11–17 totaled $31.7 million, the largest since December 2022, versus $6.8 million a week earlier. Analysts at CoinShares said.
The negative trend formed despite prevailing market sentiment — AUM of digital asset managers reached $31.53 billion, the highest since August 2022.
Investors in ETP are less optimistic about regulatory pressure in the United States than the broader market, the analysts explained.
In traditional Bitcoin funds there was a net outflow of $24.8 million, compared with inflows of $10.9 million a week earlier. In products that allow short exposure to Bitcoin, $3.7 million was invested (in the previous reporting period, $3.5 million was withdrawn).
In altcoins there were predominantly outflows. In Ethereum-based products they totaled $7.2 million, Cosmos $1.6 million, Polygon $0.8 million, Avalanche $0.5 million.
Outflows from products based on various altcoins amounted to $2.3 million. The negative momentum continued for the twelfth week in a row.
Earlier, Galaxy Digital founder Mike Novogratz penciled Bitcoin at $30,000 by the end of March.
Earlier, Adam Farthing of B2C2 said that for Bitcoin’s rally to continue, it would need to break through the $25,000 level.