Crypto ETPs Face Massive $2.9B Outflow Amid Market Uncertainty
The post Crypto ETPs Face Massive $2.9B Outflow Amid Market Uncertainty appeared on BitcoinEthereumNews.com.
With $2.6 billion in withdrawals last week, Bitcoin took the hit as the biggest asset for global crypto ETPs. According to CoinShares research head, a number of variables contributed to the crypto ETP slaughter. The largest weekly sell-off ever occurred last week for cryptocurrency exchange-traded products (ETPs), with outflows hitting a record $2.9 billion. According to CoinShares, a European crypto investment business, $3.8 billion has been wiped out in worldwide crypto ETPs due to three weeks of outflows running concurrently. According to CoinShares research head James Butterfill, a number of variables contributed to the crypto ETP slaughter. These included the $1.5 billion Bybit breach, the US Federal Reserve’s hawkish tone, and a previous 19-week inflow streak of $29 billion. Bitcoin ETPs Face the Wrath He went on to say that these factors probably caused some people to cash out. And others to lose faith in the asset class. With $2.6 billion in withdrawals last week, Bitcoin took the hit as the biggest asset for global crypto ETPs, according to Butterfill. A further $3.2 billion was wiped out in its month-to-date (MTD) flows. Minimal inflows of $2.3 million were seen in short Bitcoin ETPs. In contrast, Sui’s $15.5 million in ETP inflows previous week made it the top performer. Next came XRP-based ETPs, which received $5 million. Last week, $300 million left Ether ETPs, while $490.3 million came in so far this month. After reaching an all-time high of $173 billion in January, the current sell-off brought the total assets under management (AUM) in crypto ETPs down to $138.8 billion. Following $22 million in the previous week, BlackRock’s iShares ETF had its biggest weekly outflow to date. With $1.3 billion leaving the funds. The declaration by US President Donald Trump, in which he highlighted five prominent cryptocurrencies, has reignited investor optimism…
Filed under: News - @ March 3, 2025 9:25 pm