The weekly outflow of funds from cryptocurrencies amounted to a record $ 942 million
96% of the outflow came from bitcoin-based products
From March 18 to 22, investors withdrew $ 942 million from cryptocurrencies, which was a record weekly outflow in the entire history of observations and interrupted a 7-week series of inflows totaling $ 12.3 billion, the investment company CoinShares reported. The recent price correction has reduced the total amount of assets under management (AuM) of investment crypto companies by $ 10 billion, while the figure remains above the highs of the previous cycle and stands at $88 billion.
The volume of trading in exchange-traded products (ERP) based on cryptocurrencies decreased by 33% compared to the previous week and amounted to $ 28 billion. CoinShares believes that investors' indecision is explained by the correction of the crypto market.
Thus, only $ 1.1 billion was received into new American spot exchange-traded funds (ETFs) based on bitcoin, while the GBTC fund from Grayscale, which previously functioned as a trust without the possibility of repayment of shares, faced an outflow of $ 2 billion per week.
Negative sentiments are noted not only in the United States: in Sweden, Hong Kong, Switzerland, and Germany, capital outflows of 37, 35, 25, and 4 million dollars were observed, respectively. At the same time, Brazil and Canada saw inflows of 9 and 8.4 million.
96% of the total weekly outflow came from bitcoin-based products ($904 million). At the same time, 3.7 million were withdrawn from short positions on the asset.
Ethereum, Solana and Cardano were also affected, losing $34, 5.6 and 3.7 million, respectively. In the rest of the altcoin space, the situation is different for the better, with a net inflow of $16 million. The most notable were Polkadot (5 million), Avalanche (2.9 million) and Litecoin (2 million).
