Crypto investment outflows reach 3-week streak with $435m

As
Bitcoin
fell
more
than
5%
last
week,
crypto
investors
continued
capital
withdrawals
from
virtual
asset
vehicles
like
spot
exchange-traded
funds. 

According
to
CoinShares,
outflows
from
digital
asset
investment
products

amounted
to
$435
million,
coinciding
with
a
6%
drop
in
ETF
trading
volume.
Activity
reduced
from
over
$18
billion
two
weeks
ago
to
$11.8
billion
last
week. 

Bitcoin
(BTC)
and
Ethereum
(ETH)
comprised
the
lion’s
share
of
exits,
with
$423
million
and
$38
million,
respectively.
The
bulk
of
this
pattern,
primarily
found
in
BTC,
was
recorded
in
the
U.S.
and
mostly
domiciled
in

Grayscale’s
converted
GBTC
ETF.

Grayscale’s
spot
Bitcoin
ETF
lost
$440
million
in
outflows.
While
this
made
up
the
smallest
GBTC
withdrawals
weekly
since
March,
inflows
into
new
spot

BTC
ETFs
also
declined. As
Bitcoin
prices
stalled,
only
$126
million
in
cumulative
capital
flowed
into
10
new
spot
BTC
ETFs
offered
by
firms
like

BlackRock
and
Fidelity. 

As
Ethereum
outflows
correlated
with
BTC
sentiment,
crypto
altcoin
products
garnered
investments
from
asset
managers
and
investors. 

“A
broad
range
of
altcoins
saw
inflows,
with
investors
choosing
multi-coin
investment
products
coupled
with
regular
favorites
Solana,
Litecoin,
and
Chainlink.”

CoinShares
analysts

Over
$9
million
followed
into
these
altcoin
investment
products,
and
Solana
(SOL)
took
the
lead
with
$4
million
in
inflows.
Litecoin
(LTC)
followed
with
$3
million,
and
Chainlink
(LINK)
attracted
$2.8
million.