Global crypto investment products' weekly net outflow streak exceeds $1 billion

Global crypto investment products at asset managers such as Ark Invest, Bitwise, Fidelity, Grayscale, ProShares and 21Shares registered a fourth-consecutive week of net outflows — totaling $251 million last week — according to CoinShares' latest report.

Adding to three prior weeks of net outflows , the streak has now surpassed $1 billion, primarily generated by U.S.-based funds, which saw $504 million in net outflows last week alone — overshadowing some $307 million worth of net inflows into the newly launched Hong Kong spot bitcoin and ether exchange-traded funds .

Switzerland, Canada and Germany-based funds also contributed to last week’s net outflows, losing $9.8 million, $9.6 million and $7.3 million, respectively.

US spot bitcoin ETFs dominate net outflows

The U.S. spot bitcoin ETFs had one of their worst weeks since launching in January, with $433 million in total net outflows last week punctuated by their largest-ever daily net outflows of $563.7 million on Wednesday.

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“We estimate the average purchase price of these ETFs since launch to be $62,200 per bitcoin, as the price fell 10% below that level, it may have triggered automatic sell orders,” CoinShares Head of Research James Butterfill wrote . 

However, there was something of a turnaround on Friday, seeing $378.3 million added across the funds as Grayscale’s converted GBTC ETF added $63 million worth of net inflows for the first time — ending a 78-day streak of outflows since trading began on Jan. 11. That continued into this week, with GBTC generating $3.9 million of a total net inflow of $217 million on Monday.

 

Globally, bitcoin also dominated, contributing $284 million to the weekly net outflows. However, it was the only digital asset investment product to record outflows last week, with ether-based funds breaking a seven-week outflow streak to add $30 million in net inflows, while Avalanche, Cardano and Polkadot-based products registered minor net inflows of $0.5 million, $0.4 million and $0.3 million, respectively.