Bitcoin outflows tracked by CoinShares jump despite rally

Companies • March 20, 2023, 9:28AM EDT
UPDATED: March 20, 2023, 2:15PM EDT
The Block

Quick Take

  • Digital asset investment products saw outflows for the sixth consecutive week that totaled $95 million, according to CoinShares.
  • Outflows over the past five weeks reached $406 million, representing 1.2% of total assets under management.

Bitcoin's price may be surging, but that doesn't mean everyone's convinced the rally will continue. 

Digital asset investment products tracked by CoinShares saw outflows for the sixth consecutive week that totaled $95 million. That figure reached $406 million over the past five weeks, representing 1.2% of total assets under management

That's despite the cryptocurrency soaring to above $28,000 for the first time since June on Sunday, getting close to doubling its value from the start of the year. 

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Bitcoin saw outflows in investment products totaling $113 million last week. CoinShares said the flows were, in part, due to the need for liquidity rather than negative sentiment.

Update: This story has been updated to reflect that CoinShares tracks different investment products.


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About Author

Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.

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