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Cryptocurrency investment vehicles experienced outflows exceeding $50 million, predominantly attributed to Bitcoin.
The market for crypto-related investment products experienced outflows totaling $53.7 million during the week of May 1-7, with Bitcoin (BTC) products representing nearly the entirety of this figure, as reported by CoinShares in their weekly update.
Products based on BTC and short-BTC saw a combined outflow of $54.9 million, as highlighted in the CoinShares report.
Weekly asset flows (Source: CoinShares)
The week of May 1-7 also marked the third consecutive week of outflows for the crypto investment products sector.
The previous streak of outflows began in February and persisted for six weeks, resulting in a total loss of $408 million, with the peak outflow occurring during the week of Mar. 6 – 12, which saw $225 million withdrawn.
Flows by asset
BTC and short-BTC products were primarily accountable for the weekly outflows. Over the course of the week, BTC experienced a loss of $31.8 million, while short-BTC products faced withdrawals amounting to $23.1 million.
Flows by the asset (Source: CoinShares)
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This trend is particularly notable for short-BTC products. Even during the previous six-week outflow period, short-BTC products typically saw inflows almost weekly. The CoinShares report noted this anomaly, stating it was the “largest weekly outflows from short-bitcoin on record of US$23m.”
Aside from BTC, Ethereum (ETH) also ended the week negatively, with $2.3 million in withdrawals. Conversely, multi-asset and Solana (SOL)-based products experienced inflows of $100,000 and $3.4 million, respectively, resulting in an overall market total of -$53.7 million.
Flows by country
Examining asset movements geographically, Germany and Canada emerged as the countries with the most significant outflows for the week. Germany recorded $27.1 million in withdrawals, while Canada saw $19.6 million in outflows. Together, these two countries accounted for 86% of the total outflow for the week.
Flows by exchange country (Source: CoinShares)
The US, Switzerland, and Brazil also contributed to the outflows, with withdrawals of $4.5 million, $3.5 million, and $300,000, respectively. In contrast, Sweden brought in only $1.3 million in inflows.
When analyzing the movements by provider, only Purpose Investments reported inflows of $1 million. Meanwhile, 3iQ, CoinShares, and ProShares recorded outflows of $19.4 million, $13.4 million, and $5.4 million, respectively.
The post Crypto investment products recorded over $50M in outflows – almost all from BTC appeared first on CryptoSlate.
