Global crypto ETPs see $1.9 billion in weekly outflows, adding to third-worst run since 2018: CoinShares

Global crypto investment products managed by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares witnessed net outflows of $1.9 billion last week, according to CoinShares' data.

That added to a four-week negative run now totaling $4.9 billion — representing 2.9% of assets under management — CoinShares Head of Research James Butterfill noted in a Monday report, amid the continued crypto market sell-off. 

"Proportionally this represents the 3rd largest run of outflows since 2018, beaten only by March 2025 and February 2018, marking a 36% decline in AUM representing the combined impact of inflows and price," Butterfill said.

BTC and ETH fell 8.3% and 9.4%, respectively, last week, according to The Block's prices page, before staging something of a recovery on Friday and over the weekend. Bitcoin is currently trading for around $86,299, while Ethereum is changing hands for $2,803.

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'Tentative signs of a turnaround'

The redemptions were spread broadly across most regions last week. U.S.-based funds dominated with $1.69 billion in net outflows, while crypto investment products in Germany, Switzerland, Canada, and Sweden saw $118.2 million, $79.7 million, $27.1 million, and $26.8 million worth of outflows, respectively. Only crypto funds in Brazil and Australia were positive, registering modest net inflows of $3.5 million and $2 million.

Nevertheless, year-to-date net inflows remain high at $44.4 billion, Butterfill noted, highlighting that Friday signaled "tentative signs of a turnaround in sentiment," as the crypto investment products brought in $258 million following seven consecutive days of net outflows. 

Bitcoin-based ETPs again led the outflows in terms of the underlying asset, with $1.27 billion exiting the funds last week, but also witnessed the largest rebound on Friday with $225 million worth of net inflows. Short Bitcoin funds remain popular amid the slide, adding $19 million in net inflows to a three-week run of $40 million that has seen assets under management rise 119%, Butterfill said.

The U.S. spot Bitcoin exchange-traded funds saw $1.2 billion in net outflows alone, according to data compiled by The Block, led by around $1.09 billion exiting BlackRock's IBIT.

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Ethereum products also struggled, witnessing net outflows of $589 million globally last week, with the U.S.-based spot Ethereum ETFs accounting for $500.2 million of that figure, again led by BlackRock's ETHA.

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Meanwhile, Solana ETPs recorded net weekly outflows of $156 million, while XRP funds bucked the trend, adding $89.3 million amid Bitwise's new U.S. spot XRP ETF launch.