CoinShares' most recent weekly report showed that investment products related to cryptocurrency experienced a fourth consecutive week of negative flows, primarily due to significant outflows from newly issued ETFs in the US.

The market witnessed an overall outflow of $251 million, with the Newborn Nine spot Bitcoin ETFs contributing over 60%, or $156 million, of these outflows. James Butterfill, CoinShares' head of research, suggested that the average purchase price of these ETFs since their launch was $62,200 per bitcoin, and as the price dropped 10% below that level, it potentially triggered automatic sell orders.

Among the ETFs, Fidelity's FBTC saw the largest outflow of $131 million, followed by Ark 21 Shares' ARKB with outflows totaling $84 million. Meanwhile, US-based spot Bitcoin ETFs collectively experienced outflows totaling $504 million. However, in contrast, newly launched spot-based Bitcoin and Ethereum ETFs in Hong Kong saw significant inflows of $307 million during their first week of trading.

Additionally, altcoins like Avalanche, Cardano, and Polkadot witnessed modest inflows, while Ethereum broke its streak of seven weeks of negative flows, garnering $30 million in inflows last week.