Weekly drains from crypto system products achieve $ 32 million: Coinshares

Weekly drains from crypto system products achieve $ 32 million: Coinshares

According to the latest edition of the Coinshares weekly report, the drainage of investment products for digital assets reached $ 32 million last week, a level that has not been achieved since the end of December 2022.

The mood could be due to the fact that investors of stock market -traded products (ETP) are less optimistic about the latest regulatory pressure in the USA compared to the overall market.

Bitcoin wears the main load

The drainage figures rose to $ 62 million in the middle of last week, although the mood improved significantly by Friday. Bitcoin was the most affected crypto-asset during the turbulence on the market and recorded an outflow of $ 24.8 million last week.

Short-Bitcoin investment products recorded tribes of $ 3.7 million in the same period, while they have also recorded some of the largest inflows of $ 38 million and only remained behind Bitcoin with $ 158 million.

Ethereum also wore the main burden of the negative mood and recorded an outflow of $ 7.2 million. Cosmos, polygon and avalanche each $ 1.6 million, $ 0.8 million and $ 0.5 million. The negative mood remained mixed because the tributaries from Aave, Fantom, XRP, Binance and Decentraland were between 0.36 and $ 0.26 million.

In addition, blockchain shares recorded six consecutive weeks of tributaries, with the last to be on a total of $ 9.6 million, which shows a "more constructive mood" among the market participants.

sec observes exactly

The main trigger due to the drains last week was the New York financial supervision, which ordered Paxos to cope with the new Binance USD (BUSD) token after rumors that the US stock exchange supervisory authority (SEC) wanted to take forced measures.

The SEC has not yet taken any official measures. But one can certainly say that the agency is watching the sector closely before it initiates an official procedure, a step that will probably have enormous effects on all stable coins, including Tethers USDT and CIRCLES USDC.

Before that, the SEC had charged the well-known crypto exchange with $ 30 million due to violation of the US Working Act.

On the other hand, the negative mood among the ETP investors did not affect the broader market, since Bitcoin prices rose by 10 % during the week. It was this price increase that increased the managed total assets (AUM) to $ 30 billion.

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