Digital asset investment products have witnessed outflows for the fourth consecutive week, with the total amounting to $251 million. This trend signals ongoing bearish sentiment in the market, according to the latest edition of the Digital Asset Fund Flows Weekly Report.

The report highlights that the past week marked the first "measurable outflows" from newly issued ETFs in the US, totaling $156 million. Since their launch, the average purchase price of these ETFs is estimated to be $62,200 per bitcoin. As the price dropped 10% below this level, it likely triggered automatic sell orders, speculates a Singaporean asset manager.

Bitcoin remained the primary focus, experiencing outflows totaling $284 million. This comes as no surprise, as Bitcoin was the only digital asset to see outflows during this period. However, Ethereum broke its seven-week spell of outflows, attracting $30 million in inflows last week.

In addition to Ethereum, various altcoins also saw inflows. Investment products providing exposure to Avalanche, Cardano, and Polkadot received $0.5 million, $0.4 million, and $0.3 million, respectively. Solana and Litecoin also attracted $0.3 million and $0.1 million in inflows, respectively, over the same period.

Regionally, outflows were primarily concentrated in the United States, recording $504 million in outflows. Other countries such as Sweden, Canada, Switzerland, and Germany also experienced significant weekly outflows of $30.3 million, $9.6 million, $9.8 million, and $7.3 million, respectively.

However, Brazil deviated from this trend, witnessing inflows of $3.7 million.

Despite the prevailing bearish sentiment, the successful launch of spot Bitcoin and Ethereum ETFs in Hong Kong provided a positive highlight. These ETFs attracted almost $307 million in inflows during the first week of trading, indicating continued interest and demand for digital asset investment products in certain markets.