Switzerland and Germany were hit hardest during the most recent trading week but Canada has by far the largest outflows over the month, CoinShares’ data shows.
A recent slump in the price of cryptocurrencies, prompted by outflows from the Grayscale Bitcoin Trust (GBTC) could be behind outflows from digital asset investment products in Europe and Canada, according to CoinShares.
“Recent price declines prompted by the substantial outflows from the incumbent ETF issuer (Grayscale) in the US totalling US$5bn, have likely prompted further outflows [in] other regions,” CoinShares explained in a Jan. 28 report.
Digital asset products from Switzerland and Germany were hit hardest during the trading week of Jan. 22 to Jan. 26, with outflows of $59.8 million and $31.7 million respectively, CoinShares’ data shows.
