Crypto ETPs Experience Significant Outflows Amid Market Downturn
- Bitcoin products saw outflows of approximately $1.3 billion, marking the largest weekly withdrawal of the year.
- Ether funds experienced a loss of $223 million during the same period.
- Total assets under management in crypto ETPs reached about $148.7 billion, with Bitcoin funds representing around 80% ($120.2 billion).
- Despite the downturn, nine altcoin assets recorded inflows exceeding $1 million, led by XRP with $31.8 million.
- The United States led global outflows with $1.43 billion, including $1.26 billion from US-listed spot Bitcoin ETFs.
The recent trend reflects a broad risk-off sentiment in the cryptocurrency market, impacting both major and altcoin assets significantly. Notably, while Bitcoin and Ether faced substantial withdrawals, certain altcoins like XRP managed to attract considerable investments despite overall losses.
In total, crypto ETPs experienced outflows of $1.47 billion last week as investors reacted to market conditions.(Source)
