CoinShares Executive: Bitcoin and digital asset ETP/ETF's weekly net outflows have reached a new high, but the selling wave seems to be receding
James Butterfill, the research director at CoinShares, posted on platform X saying: Despite the net outflow of Bitcoin and digital asset ETP/ETFs reaching a record high of $2.6 billion this week, it appears that most basis trades have been squared off and the selling frenzy is subsiding.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Asia-Pacific stock markets follow the overnight rally in US tech stocks, with South Korea's KOSPI up 5% at the open, SK Hynix surging more than 7%, and Nikkei 225 rising over 2%.
This round of rebound occurred after the market experienced severe turbulence. Last week, concerns over the potential for stricter regulation of the artificial intelligence industry, due to the US Congressional election results, triggered a large-scale sell-off in chip stocks. Several market participants believe that this rebound indicates investors have not abandoned the AI trading narrative, and last week’s sell-off was more about position adjustments rather than a trend reversal.
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