","button_title":"Play-to-Earn Game List","span_one":"No obligations","span_two":"Free to use"}},"header":{"homepage":"Homepage","Game Reviews":"Game Reviews","Game List":"Game List","Developers":"Developers","Developer List":"Developer List","Gaming News":"Gaming News","search":"Search","local":"en","Popular P2E Developers":"Popular P2E Developers","Play To Earn Games":"Play To Earn Games","P2E Games":"P2E Games","Crypto Games":"Crypto Games","Web3 Games":"Web3 Games"},"meta":{"title":"Games to Earn, Blockchain, NFT, P2E Games List","description":"Play hundreds of games! Games to Earn, P2E, Blockchain, NFT, Crypto, Web3 Games. Read game reviews and start playing right away. Play now!","ogType":"article","keywords":"NFT Games, Crypto Games, Earning Games, Earning Games, Blockchain Games, P2E Games"}}},"initialLocale":"en","ns":["news_letter","singleNews","singleGame","footer","common","header","meta"],"userConfig":{"i18n":{"locales":["en","hi","fr","es","de","pt","nl","tr"],"localeDetection":false,"defaultLocale":"en","domains":[{"domain":"playtoearngames.com","defaultLocale":"en"},{"domain":"hi.playtoearngames.com","defaultLocale":"hi","locales":["hi-IN"]},{"domain":"fr.playtoearngames.com","defaultLocale":"fr","locales":["fr-BE","fr-CA"]},{"domain":"es.playtoearngames.com","defaultLocale":"es","locales":["es-GT","es-MX"]},{"domain":"pt.playtoearngames.com","defaultLocale":"pt","locales":["pt-BR"]},{"domain":"de.playtoearngames.com","defaultLocale":"de","locales":["de","de-DE","de-AT","de-CH"]},{"domain":"nl.playtoearngames.com","defaultLocale":"nl","locales":["nl-BE"]},{"domain":"tr.playtoearngames.com","defaultLocale":"tr"}]},"trailingSlash":true,"default":{"i18n":{"locales":["en","hi","fr","es","de","pt","nl","tr"],"localeDetection":false,"defaultLocale":"en","domains":[{"domain":"playtoearngames.com","defaultLocale":"en"},{"domain":"hi.playtoearngames.com","defaultLocale":"hi","locales":["hi-IN"]},{"domain":"fr.playtoearngames.com","defaultLocale":"fr","locales":["fr-BE","fr-CA"]},{"domain":"es.playtoearngames.com","defaultLocale":"es","locales":["es-GT","es-MX"]},{"domain":"pt.playtoearngames.com","defaultLocale":"pt","locales":["pt-BR"]},{"domain":"de.playtoearngames.com","defaultLocale":"de","locales":["de","de-DE","de-AT","de-CH"]},{"domain":"nl.playtoearngames.com","defaultLocale":"nl","locales":["nl-BE"]},{"domain":"tr.playtoearngames.com","defaultLocale":"tr"}]},"trailingSlash":true}}}}Crypto Products: $305M Outflows Amid Rampant Negativity. - Play to Earn Games News
It was a tumultuous week for digital asset investment products, with a total of $305 million exiting the market. bitcoin bore the brunt of this exodus, experiencing outflows totaling $319 million. Despite this, not all bitcoin-related products suffered. In fact, short bitcoin investment products, which profit from declines in bitcoin's price, saw their second consecutive week of inflows, amounting to $4.4 million.
Following bitcoin's lead, ethereum, the second-largest cryptocurrency by market capitalization, also saw negative sentiment manifest in outflows. A total of $5.7 million left the market, signaling investor unease. Additionally, trading volumes for ethereum stagnated, reaching only 15% of the levels observed during the U.S. ETF launch week.
On a positive note, Solana, a blockchain platform known for its high-speed transactions, managed to attract $7.6 million in inflows. This influx of capital highlights the continued interest in innovative blockchain projects despite the broader market downturn.
Unexpected Resilience in Blockchain Equities
Surprisingly, blockchain equities, particularly those tied to bitcoin mining, defied the overall negative sentiment last week. These equities saw $11 million in inflows, showcasing unexpected resilience in the face of market turbulence.
However, the United States bore the brunt of the outflows, with $318 million being pulled from digital asset products. The impact of these outflows rippled across regions, with Germany and Sweden also experiencing notable outflows amounting to $7.3 million and $4.3 million, respectively.
In contrast, Switzerland and Canada managed to attract minor inflows of $5.5 million and $13 million, serving as a beacon of stability amidst the turbulent market conditions.
The week concluded with significant price movements in major cryptocurrencies. bitcoin closed at approximately $57,300, marking a 10.8% decline from the previous week's close of around $64,220. The price of bitcoin exhibited volatility throughout the week, with notable drops on Tuesday and Sunday.
Accompanying bitcoin's downward trend was a total of approximately $277 million in net outflows from bitcoin spot ETFs. This further accentuated the bearish sentiment surrounding the flagship cryptocurrency.
Similarly, ethereum faced a challenging week, closing at around $2,425, down 11.7% from the previous week's close. Despite the price drop, ethereum spot ETFs saw relatively moderate outflows of $12.6 million. Some new products even recorded net inflows, hinting at shifting investor sentiment.
Matteo Greco, a research analyst at Fineqia International, noted, "With summer nearing its end, there could be an uptick in trading activity and demand, potentially reversing the current trend of limited demand for ETH-based financial products, with only 7 out of 28 trading days recording positive inflows."
The cryptocurrency market's resilience amidst external challenges underscores its growing maturity and resilience. While short-term fluctuations and outflows may cause temporary disruptions, the long-term potential of digital assets remains promising.