Cryptocurrency investment products recorded their largest single-week outflow since February, with $2 billion exiting as global risk appetite declined.
CoinShares reported on Monday that cryptocurrency exchange-traded products (ETPs) saw $2 billion in outflows last week, an increase of nearly 71% compared to the $1.17 billion recorded the previous week. This marks the third consecutive week of outflows, bringing the total outflow to $3.2 billion.
James Butterfill, Head of Research at CoinShares, attributed the outflows to monetary policy uncertainty and the selling by crypto-native whales. As a result, the total assets under management (AUM) of crypto ETPs fell to $191 billion, a 27% decrease from the October peak of $264 billion.
The U.S. accounted for 97% of the outflows, totaling $1.97 billion, while the German region was an exception, recording an inflow of $13.2 million, going against the global trend.
Although U.S. crypto ETPs suffered the most significant impact, this trend was also reflected in many other countries.
Switzerland and Sweden recorded outflows of $39.9 million and $21.3 million, respectively. Meanwhile, Hong Kong, Canada, and Australia collectively saw outflows of $23.9 million.
The outflows had the most significant impact on Bitcoin (BTC) and Ethereum (ETH)-based ETPs. Bitcoin-based ETPs saw nearly $1.4 billion in outflows last week, accounting for about 2% of their total assets under management.
On the other hand, Ethereum ETPs experienced nearly $700 million in redemptions, approximately 4% of their total assets.
Smaller crypto ETPs were also affected, with Solana (SOL) and Ripple (XRP) ETPs seeing outflows of $8.3 million and $15.5 million, respectively.
While single-asset ETPs experienced significant outflows, products that diversify risk across a range of cryptocurrencies saw inflows.
According to CoinShares data, multi-asset ETPs saw inflows of $69 million over the past three weeks. This shift indicates that investors are seeking to reduce volatility and achieve broader coverage in response to uncertainty.
In addition to multi-asset coverage, short Bitcoin funds—ETPs betting on Bitcoin's decline—saw inflows of $18.1 million during the same period. This suggests a slight increase in hedging activity among investors.
Related: Japan's Financial Services Agency (FSA) plans to classify cryptocurrencies as financial products, targeting a tax rate of 20%.
Original article: “Crypto ETPs See Largest Outflows Since February, Investors Withdraw $2 Billion”
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