Crypto investment products extend their outflow week to five

The investment vehicles recorded a net outflow of $1.7 billion last week, their fifth consecutive negative weekly flow.

Crypto investment products extended their outflow week to five amid a broader cautious trend among investors following market uncertainties.

Further analysis from CoinShares on Monday shows that the investment vehicles recorded a net outflow of $1.7 billion last week, marking the fifth consecutive weekly flow. During the 17th successive outflow day—the first since CoinShares started recording in 2015—the crypto products have seen a total net outflow of $6.4 billion.

These outflows came mainly from the US Bitcoin and Ethereum spot exchange-traded funds (ETFs), which have been on a poor run of form. For perspective, the Bitcoin products recorded a net outflow of $1.28 billion, while Ethereum’s saw $166 million.

However, despite the outflows, the global digital asset investment products maintain a positive value year-to-date. The vehicles have a net inflow of $912 million since January 1, with a strong outing earlier in the year buffering the recent downsides.

Outflow Distribution by Asset

A detailed look into last week’s outflows shows that Bitcoin products led the outflows. The asset’s investment products saw a net outflow of $978 million, taking the monthly tally to $1.73 billion.

Ethereum also saw significant capital outflows the previous week, recording a negative flow of $176 million. Despite a monthly outflow of $265 million, the products tracking the performance of the second-largest cryptocurrency by market cap still maintain a year-to-date inflow of $421 million.

Meanwhile, despite general market skepticism, XRP seems to be catching the attention of investors. Products tracking the high-caliber asset recorded a net inflow of $1.8 million, taking its monthly total to $7.4 million. Notably, speculations of an imminent end to the case between Ripple and the US Securities and Exchange Commission (SEC) may have spurred this interest.

US Leads Outflow Per Country Amid Binance Sell-off

According to flow grouping by country, the United States led last week’s net outflow, with a negative flow of $1.16 billion. Crypto investors in the largest Bitcoin-holding nation have sold a total of $2.08 billion since the start of March but maintain a positive $787 million year-to-date.

Switzerland, Sweden, and Canada were the only other countries with net outflows, with investors pulling $528 million, $5.1 million, and $6.6 million, respectively. Germany, Brazil, and Australia saw inflows of $8 million, $4.2 million, and $1.6 million.

Meanwhile, Binance saw its assets under management (AUM) drop drastically to just $15 million last week. Although the report did not elaborate on the details of the dump, it noted that a seed investor exit from a crypto investment tied to the largest exchange by trading volume saw its AUM plummet.

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