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Significant Drop in Inflows for Newborn Nine ETFs

Inflows into the Newborn Nine ETFs experienced a drastic decline of over 50% in the past week, dropping to $126 million from $254 million, as indicated by the CoinShares weekly report.

This decrease in inflows has contributed to the third consecutive week of outflows amounting to $435 million—the largest outflow seen since March—for major crypto-related investment products during the week.

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Grayscale Leads Despite Decreasing Outflows

An analysis of the flows reveals that Grayscale’s GBTC remains the main contributor to outflows, with $440 million exiting the product last week.

Although this marks the lowest weekly outflow for GBTC in nine weeks, signaling a deceleration in outflows, the total outflows from GBTC year-to-date have surpassed $17 billion.

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James Butterfill, head of research at CoinShares, stated:

“While Grayscale’s outflows continue to decelerate, we have also seen a deceleration in inflows from new issuers, which saw only $126 million in inflows last week, compared to $254 million the week prior.”

Furthermore, the weakening inflows have led to a decrease in trading volume, which fell to $11.8 billion from $18 billion.

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Increased Interest in Altcoins

Investment products tied to digital assets such as Solana, XRP, Cardano, Polkadot, and Chainlink witnessed inflows last week, with the cumulative inflows into these assets exceeding $25 million according to the CoinShares report.

On the contrary, Ethereum continued to experience outflows, with an additional $38.4 million exiting the platform, bringing the total outflows for the month to $123.8 million. The year-to-date flow remains negative at $50 million.

Notably, the prevailing negative sentiments in the market have prompted short Bitcoin investment products, with bears adding $1.3 million to these products.

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