<\/p>\n
Weekly ETP trade volume is down 53% compared to April.<\/p>\n
After four\u00a0straight\u00a0weeks of outflows, investors tentatively resumed putting money into cryptocurrency exchange-traded products (ETPs).<\/p>\n
According to CoinShares\u2019 May 13 Digital Asset Fund Flows\u00a0report<\/a>, institutional digital asset investment products enjoyed an inflow of $130 million last week, averting a five-week dry spell.<\/p>\n The move coincided with the Grayscale Bitcoin Trust (BTC) posting its lowest outflow since converting into an exchange-traded fund (ETF) in January at 171 million. GBTC hosted no inflow or outflow on May 13, further indicating that the heavy outflows consistently suffered by the fund since its conversion are waning. Nearly $17.6 billion has exited the fund since January.<\/p>\n Fidelity\u2019s Bitcoin ETF posted the\u00a0strongest\u00a0inflow among spot exchange-traded funds with $111 million,\u00a0followed by\u00a0Ark 21Shares with $83\u00a0million,\u00a0and BlackRock with $48 million.<\/p>\n However, despite the bullish signal from institutional investors, Bitcoin (BTC) posted a 4% pullback since tagging a local high of $64,120 on May 7. The move extends a multi-month streak of downward range-bound price action, with BTC hovering between $60,000 and $70,000 since March.<\/p>\n U.S.-based ETP providers led the pack with $135 million in inflows, followed by Hong Kong and Switzerland with $19 million and $14 million worth of inflows\u00a0respectively. However, Hong Kong\u2019s performance marked a nearly 94% drawdown compared to its previous week, which hosted a $307 million inflow.<\/p>\n \u201cHong Kong, after a prior week of record inflows, saw just US$19 million inflows, suggesting the majority of the first-week post-Bitcoin ETF launches were seed capital,” CoinShares reported.<\/p>\n According to Sosovalue, Hong Kong-based ETFs suffered their heaviest daily outflow on May 13 with\u00a0$32 million<\/a>.<\/p>\nHong Kong ETF inflows crash<\/h2>\n
Ethereum ETPs post outflows<\/h2>\n