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Once again going against the market, Brazil continues to invest in investment products in cryptocurrencies, especially in Bitcoin. According to the CoinShares report, last week, Brazilians invested a total of US$3.7 million in crypto funds.

Although the value is not that significant, it deserves to be highlighted because in the rest of the world, especially in the United States, funds are registering outflows.

In the USA, for example, weekly outflows totaled US$504 million. Canada, Switzerland and Germany also recorded outflows, totaling US$9.6 million, US$9.8 million and US$7.3 million, respectively.

Source: CoinShares

Brazilian crypto funds receive inflows

As highlighted by CoinShares, globally, crypto investment products recorded outflows for the fourth consecutive week, totaling US$251 million.

As always, Bitcoin was the main focus, recording outflows of US$284 million. Unusually, this was the only crypto asset to record outflows. Meanwhile, Ethereum broke its 7-week outflow period, seeing inflows of $30 million last week.

A wide range of altcoins also saw inflows while BTC saw investments go away. The most significant inflows into altcoins were Avalanche, Cardano, and Polkadot, which saw $0.5 million, $0.4 million, and $0.3 million in inflows, respectively.

Furthermore, this week marked the first week that there were measurable outflows from newly issued ETFs in the US. These crypto funds saw outflows of $156 million last week.

“We estimate that the average purchase price of these ETFs since launch is $62,200 per Bitcoin, as the price fell 10% below this level, it may have triggered automatic sell orders,” CoinShares highlighted in its report.

On the other hand, there was a bright spot from last week, which was the successful launch of Bitcoin and Ethereum spot ETFs in Hong Kong. Crypto funds recorded inflows of $307 million in the first week of trading.

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