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## CoinShares’ Weekly Report on Crypto Investment Products

CoinShares’ latest weekly report on crypto-related investment products highlighted the ongoing trend of negative flows for the fourth consecutive week. This trend was predominantly driven by the “measurable outflows from the newly issued ETFs in the US.”

According to the report, the market witnessed a total outflow of $251 million, with a significant portion of these outflows attributed to the Newborn Nine spot Bitcoin ETFs, amounting to over 60% or $156 million.

James Butterfill, CoinShares head of research, provided insight into the situation, stating:

“We estimate the average purchase price of these ETFs since launch to be $62,200 per bitcoin. As the price fell 10% below that level, it may have triggered automatic sell orders.”

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### Outflow Breakdown and Impact

A breakdown of the outflows revealed that Fidelity’s FBTC experienced the highest outflow amount, with $131 million exiting the fund. This was followed by Ark 21 Shares’ ARKB, which saw outflows totaling $84 million.

In contrast, BlackRock’s IBIT saw a modest negative flow of $24 million, while Grayscale’s Bitcoin ETF continued its outflow trend, with $277 million withdrawn.

The performance of these ETFs pushed overall outflows from the United States to $504 million. Additionally, countries like Canada, Switzerland, and Germany also observed outflows totaling $9.6 million, $9.8 million, and $7.3 million, respectively.

### Inflow Dynamics in Hong Kong

Despite the challenges faced by US-based spot Bitcoin ETFs, the newly launched spot-based Bitcoin and Ethereum ETFs in Hong Kong experienced a positive trend with $307 million in inflows during their first week of trading.

## Ethereum and Polkadot Gain Inflows

Expanding beyond Bitcoin, Ethereum saw outflows amounting to $284 million, contributing to a month-to-date outflow of $291 million.

Previous reports from CryptoSlate indicated a shift in investor sentiment towards altcoins, as they sought exposure to alternative digital assets while reducing their reliance on flagship cryptocurrencies like Bitcoin.

This trend persisted as altcoins such as Avalanche, Cardano, and Polkadot attracted modest inflows of approximately $0.5 million, $0.4 million, and $0.3 million, respectively.

Notably, Ethereum saw a reversal in its trend of negative flows, with $30 million in inflows last week, reducing its year-to-date outflow to a negative of $20 million.

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