---
title: "Bitcoin Bears the Brunt of Growing Pessimism With $630M Outflows"
url: https://diffcoin.com/bitcoin-bears-the-brunt-of-growing-pessimism-with-630m-outflows/
description: "The total outflows of $584 million highlighted that a \"true correction\" is underway, stated CoinShares."
published: 2024-06-24
updated: 2024-06-24
author: "Mila"
site: "Diffcoin"
---

# Bitcoin Bears the Brunt of Growing Pessimism With $630M Outflows

Digital asset investment products experienced a second consecutive week of outflows shedding $1.2 billion which amounted to $584 million.

According to CoinShares, this could potentially be a result of the pessimism amongst investors regarding potential Fed interest rate cuts this year.

## Altcoins See Inflows Amid Market Weakness

Bitcoin bore the brunt and remained the primary focus with $630 million in outflows, although short positions did not increase significantly, as per the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report.

> “Further outflows of US$584m highlight a true correction is underway.”

Ethereum – which has seen increased investor interest this quarter – did not escape the negative sentiment and recorded $58 million in outflows over the past week. Interestingly, some altcoins benefited from recent price weakness. These include investment products designed for Solana, Litecoin, and Polygon at $2.7 million, $1.3 million, and $1 million respectively.

During the same period, XRP and Chainlink-based investment products also witnessed minor inflows of $0.7 million and $0.3 million, respectively.

The Europe-focused investment firm noted that investors likely viewed the downturn in the altcoin market as a chance to buy at lower prices, as evidenced by the $98 weekly million into multi-asset products. This trend suggests that some market participants are taking advantage of the recent weakness to diversify their crypto holdings.

## Switzerland and Brazil Emerge as Outliers

Trading activity in crypto ETPs hit a low point last week, with global volumes reaching only $6.9 billion. The report stated that this is the smallest figure since the launch of spot Bitcoin ETFs in January this year. The US led the outflows with $475 million, while Canada followed suit with $109 million in weekly outflows.

Next up were Germany and Hong Kong with $24 million and $19 million in outflows, respectively. Sweden also noted minor outflows over the week with $5.3 million.

Switzerland and Brazil, on the other hand, bucked the negative trend, recording inflows of $39 million and $48.5 million, respectively.

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