Digital asset investment products saw outflows of US$251 million globally, dwarfing inflows of HK$307 million. This was the fourth consecutive week of capital outflows in the sector.

A highlight was the successfull launch of spot ETFs in Hong Kong, which attracted $307 million in inflows during its first week of trading.

In a surprising turn of events, Ethereum broke it’s seven-week outflow by generating $30 million in inflows last week.

Despite the total outflows, newly issued ETFs in the United States recorded a quantifiable outflow of $156 million for the first time. The average purchase price of these ETFs since their launch was estimated at $62,200 per bitcoin. After a 10% price drop, automatic sell orders can be activated.

Regionally, the majority of outflows occurred in the United States, with a total outflow of $504 million. Additionally, Canada, Switzerland and Germany also experienced outflows of $9.6 million, $9.8 million and $7.3 million, respectively.

Bitcoin remained the centerpiece with an outflow of $284 million, while Ethereum stood out with an inflow of $30 million. Several altcoins, including Avalanche, Cardano, and Polkadot, also recorded inflows of $0.5 million, $0.4 million, and $0.3 million, respectively.

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The report was written by James Butterfill, editor of the CoinShares Research Blog with a strong interest in investing, digital assets, science fiction, and vintage car restoration. Follow James Butterfill and stay up to date with industry insights and trends.