Crypto ETPs Experience $1.7B Outflows, Longest Negative Streak Since 2015
Cryptocurrency exchange-traded products (ETPs) faced significant selling pressure last week, marking the fifth consecutive week of outflows totaling $1.7 billion. This ongoing trend represents the longest negative streak since CoinShares began tracking data in 2015.
Key Highlights:
- Total outflows over the past five weeks reached $6.4 billion.
- Year-to-date (YTD) inflows remain positive at $912 million despite recent selling.
- Bitcoin ETPs saw the largest outflows, totaling $5.4 billion over five weeks.
- Ethereum and Solana ETPs also experienced outflows, while XRP ETPs recorded inflows.
Bitcoin ETPs Lead Outflows
Bitcoin (BTC) ETPs experienced accelerated selling, with $978 million leaving the market between March 10 and March 14. This followed a previous week’s outflow of $756 million, bringing total BTC ETP outflows to $5.4 billion over five weeks. Despite this, BTC ETPs still maintain $612 million in YTD inflows.
Ethereum and Solana Also Face Selling Pressure
Ethereum (ETH) ETPs saw $175 million in outflows, while Solana (SOL) ETPs recorded $2.2 million in outflows. XRP ETPs, however, bucked the trend with $1.8 million in inflows.
21Shares and BlackRock Among Hardest Hit Issuers
European crypto ETP provider 21Shares recorded the largest issuer-specific outflows last week, totaling $534 million. Meanwhile, the United States led regional outflows with $1.2 billion leaving its crypto ETP market.
- BlackRock, the largest crypto ETP issuer, saw $401 million in outflows last week, totaling $594 million month-to-date.
- ProShares was the only major issuer to record inflows ($2 million) month-to-date and remains positive YTD alongside BlackRock and ARK Invest.
- Binance experienced a near-total wipeout of its assets under management due to a seed investor exit, leaving only $15 million remaining.
Despite the recent negative sentiment, overall YTD inflows remain positive, indicating continued investor interest in crypto assets despite short-term volatility.
