Despite strong capital inflows into global digital asset ETPs year-to-date, ongoing outflows indicate market sentiment remains fragile.

According to the Coinshares Weekly Report, global digital asset investment products are showing a complex pattern of emotional divergence. Last week, a net outflow of $446 million brought the total net outflow since the market correction on October 10 to $3.2 billion.

However, despite the overall strong capital inflows into global digital asset ETPs this year, totaling approximately $46.3 billion and on par with expectations for 2024, recent persistent outflows suggest market confidence remains fragile.

A key indicator also confirms the dilemma faced by retail investors. Its total assets under management (AuM) have only increased by about 10% year-to-date. Considering capital flows, many investors have not achieved positive returns this year.

Regionally, the US market experienced the most concentrated outflows, with a net outflow of $460 million last week; followed by Switzerland, Sweden, and Canada, with weekly net outflows of $14.2 million, $3.7 million, and $2.9 million respectively.

In contrast, Germany bucked the trend by attracting $35.7 million last week. Since the beginning of the month, inflows have reached $248 million, indicating local investors view the price weakness as a strategic opportunity to increase holdings.

More notably, US spot ETFs represented by XRP and Solana attracted substantial capital after their launch. Last week, they recorded inflows of $70.2 million and $7.5 million respectively. Since their mid-October launch, cumulative inflows have reached $1.07 billion and $1.34 billion, successfully reversing the overall downturn in the altcoin market.

In stark contrast, Bitcoin and Ethereum experienced outflows of $443 million and $59.5 million last week, with cumulative net outflows since similar ETFs launched reaching $2.8 billion and $1.6 billion respectively.

In summary, the current market shows capital flowing out of traditional market leaders (Bitcoin, Ethereum) and into altcoins like XRP and Solana, which are viewed as having greater growth potential or narrative space.

Meanwhile, contrarian buying behavior in markets like Germany suggests savvy investors may be leveraging overall sentiment weakness to seek long-term positioning opportunities. This indicates the market has not fully collapsed but is undergoing a profound capital rotation and sentiment rebalancing.

#加密货币ETP # Investment Trends