Global Crypto ETPs Experience $3.8 Billion in Outflows Over Three Weeks
The recent crypto market correction has led to significant outflows from cryptocurrency exchange-traded products (ETPs), totaling $2.9 billion last week and over $3.8 billion in three weeks, as reported by CoinShares.
- Bitcoin price fell below $80,000, contributing to the decline.
- A $1.5 billion hack of Bybit and the US Federal Reserve's hawkish stance impacted market sentiment.
- Bitcoin ETPs saw $2.6 billion withdrawn last week and $3.2 billion month-to-date.
- Short Bitcoin ETPs recorded minor inflows of $2.3 million.
- Ethereum ETPs experienced outflows of $300 million last week but had positive month-to-date inflows of $490.3 million.
- Sui (SUI) and XRP-based ETPs showed resilience with inflows of $15.5 million and $5 million, respectively.
- Total assets under management for crypto ETPs dropped to $138.8 billion from a peak of $173 billion in January.
- BlackRock's iShares Bitcoin Trust (IBIT) faced its largest weekly outflows since inception at $1.3 billion.
- ProShares ETFs were the only issuer to report inflows, adding $76 million during the same period.
These developments indicate a shift in investor sentiment and highlight the impact of external events on the crypto market.