CoinShares Weekly Report: Last week saw a net outflow of $1.43 billion from digital asset investment products, the largest single-week net outflow since March
According to CoinShares Weekly Report data, global digital asset investment products experienced the largest single-week capital outflow since March last week, totaling $1.43 billion.
At the same time, weekly trading volume of exchange-traded products (ETP) surged to $38 billion, about 50% higher than the average level for the year, reflecting increased investor sentiment divergence and heightened market activity.
This round of capital outflow was primarily influenced by expectations regarding Federal Reserve policies. Early last week, due to investor expectations that monetary policy could continue to tighten, there was a temporary massive outflow of $2 billion. However, this trend reversed after Federal Reserve Chairman Powell's speech at the Jackson Hole annual meeting. His remarks were interpreted by the market as dovish, subsequently driving a capital inflow of $594 million, easing market sentiment.
The flow of funds in mainstream assets still shows a clear divergence. Bitcoin faced a significant outflow of $1.03 billion last week, while Ethereum also experienced an outflow of $440 million but exhibited relatively strong resilience.
Notably, Ethereum has seen a net inflow of $2.525 billion so far this month, whereas Bitcoin has recorded a net outflow of $1.051 billion. This comparison indicates a shift in institutional investors' sentiment towards ETH and BTC.
From the perspective of capital inflow proportion, Ethereum has accounted for 26% of its assets under management (AUM) in inflows year-to-date (YTD), far exceeding Bitcoin's 11%.
Additionally, the flow of funds in altcoins has also shown a divergent trend. XRP, Solana, and Cronos recorded net inflows of $25 million, $12 million, and $4.4 million respectively last week. In contrast, Sui and Ton saw outflows of $12.9 million and $1.5 million respectively.
In terms of geographical distribution, the United States led last week's outflows with a weekly net outflow of $1.311 billion; Sweden and Switzerland recorded weekly net outflows of nearly $136 million and $11.8 million respectively;
In contrast, Germany, Canada, Australia, Hong Kong, and Brazil recorded weekly net inflows of $18.4 million, $3.7 million, $3.5 million, $2.6 million, and $1 million respectively.
As the market approaches the September interest rate cut, policy expectations and capital flows will be key factors affecting market conditions.
