Investments in digital assets have been experiencing a consistent outflow for the past four weeks, totaling $251 million. CoinShares data reveals that from April 27 to May 3, there were notable withdrawals from newly issued U.S. ETFs for the first time. The average purchase price for Bitcoin (BTC) in these ETFs is $62,200, and recent price fluctuations may have triggered sell orders.

In the United States, capital outflows reached $504 million, with additional withdrawals noted in Canada, Switzerland, and Germany, totaling $9.6 million, $9.8 million, and $7.3 million, respectively. Bitcoin saw the most significant outflows among cryptocurrencies, totaling $284 million, being the only digital asset to experience such outflows.

However, Ethereum broke its seven-week streak of outflows and saw inflows of $30 million last week, according to the CoinShares report. The influx was primarily driven by altcoins, with Avalanche, Cardano, and Polkadot receiving $500,000, $400,000, and $300,000, respectively.

Despite the outflows, the total could have been higher if not for the $307 million in proceeds from exchange-traded products launched in Hong Kong on April 30. While American cryptocurrency ETFs have received billions of dollars in investments in their first week, Hong Kong ETFs have only garnered around $22 million to date, with daily trading volume below $10 million, as noted by Bloomberg analyst Eric Balchunas.

On May 6, Hong Kong exchange-traded funds recorded their first cumulative outflow of funds, with negative dynamics observed in asset manager ChinaAMC and its Bitcoin ETF, amounting to $4.9 million. The total outflow on the first trading day of the week was $1.7 million.

It’s important to note that all spot Bitcoin ETFs have seen inflows, although analysts are skeptical about the potential for these dynamics to repeat.

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