Can Bitcoin above $66K reverse the $206 million outflows?

Outflows from digital asset investment products more than doubled last week, hitting a two consecutive bearish streak. According to a CoinSharesCompared to the prior week , last week’s outflows were twice as high, underscoring investor’s risk-off approach.Additionally, the demand for new spot BTC ETFs waned as inflows remained muted compared to previous weeks.

However, surprisingly, only a handful of investors grabbed the opportunity to short Bitcoin amidst interest fears as short-Bitcoin products only saw US$0.3 million outflows, per the report. On the altcoin front, ETH’s $32 million outflows marked its 6th week in a row, underscoring ETH’s rough start in Q2.

It’s worth noting that US spot BTC ETFs recorded net inflows on April 19th and 20th as BTC recovered above $66K. It will be interesting to see if this will switch investors from risk-off to risk-on and shore up inflows for digital asset investment products.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.Subscribe to get it daily in your inbox.

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