This represents the first weekly net outflows crypto funds have witnessed following a seven-week streak of inflows totaling $12.3 billion.
Crypto funds at asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares registered record outflows totaling $942 million globally last week, according to CoinShares’ latest report.
Trading volume for crypto investment products dropped a third to $28 billion for the week while the price correction in the underlying cryptocurrencies saw $10 billion wiped off the funds’ assets under management. The combined AUM remains above prior cycle highs at $88 billion.Newborn spot Bitcoin ETFs not enough to offset Grayscale outflows
“We believe the recent price correction led to hesitancy from investors, leading to much lower inflows into new ETF issuers in the U.S., which saw $1.1 billion inflows, partially offsetting incumbent Grayscale’s significant $2 billion outflows last week,” CoinShares Head of Research James Butterfill wrote.
Ethereum, Solana and Cardano-based investment products also suffered, generating outflows of $34 million, $5.6 million and $3.7 million, respectively. However, the rest of the altcoin-related funds fared better, registering net inflows of $16 million, including Polkadot , Avalanche and Litecoin .
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