Global crypto investment products' weekly net outflow streak exceeds $1 billion
Quick Take
- Global crypto investment products’ four-week net outflow streak has surpassed $1 billion — with a further $251 million exiting the funds last week.
- Some $307 million worth of net inflows into the new spot crypto exchange-traded funds in Hong Kong were overshadowed by substantial net outflows for the U.S. spot bitcoin ETFs.
Global crypto investment products at asset managers such as Ark Invest, Bitwise, Fidelity, Grayscale, ProShares and 21Shares registered a fourth-consecutive week of net outflows — totaling $251 million last week — according to CoinShares' latest report.
Adding to three prior weeks of net outflows, the streak has now surpassed $1 billion, primarily generated by U.S.-based funds, which saw $504 million in net outflows last week alone — overshadowing some $307 million worth of net inflows into the newly launched Hong Kong spot bitcoin and ether exchange-traded funds.
Switzerland, Canada and Germany-based funds also contributed to last week’s net outflows, losing $9.8 million, $9.6 million and $7.3 million, respectively.
Weekly crypto asset flows. Images: CoinShares.
US spot bitcoin ETFs dominate net outflows
The U.S. spot bitcoin ETFs had one of their worst weeks since launching in January, with $433 million in total net outflows last week punctuated by their largest-ever daily net outflows of $563.7 million on Wednesday.
“We estimate the average purchase price of these ETFs since launch to be $62,200 per bitcoin, as the price fell 10% below that level, it may have triggered automatic sell orders,” CoinShares Head of Research James Butterfill wrote.
However, there was something of a turnaround on Friday, seeing $378.3 million added across the funds as Grayscale’s converted GBTC ETF added $63 million worth of net inflows for the first time — ending a 78-day streak of outflows since trading began on Jan. 11. That continued into this week, with GBTC generating $3.9 million of a total net inflow of $217 million on Monday.
Globally, bitcoin also dominated, contributing $284 million to the weekly net outflows. However, it was the only digital asset investment product to record outflows last week, with ether-based funds breaking a seven-week outflow streak to add $30 million in net inflows, while Avalanche, Cardano and Polkadot-based products registered minor net inflows of $0.5 million, $0.4 million and $0.3 million, respectively.
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