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Crypto Funds See Their First Outflows in 7 Weeks: CoinShares
Both bitcoin and ether vehicles saw a sizable exit of money, according to the report.
Updated May 11, 2023, 7:18 p.m. Published Mar 14, 2022, 7:49 p.m.
Digital asset investment products saw $110 million in outflows for the week ended March 11 after reaching the highest inflows in three months the week before, said CoinShares.
- Broken down by asset class, $69.9 million exited bitcoin funds, $50.6 million exited ether , and flows for other cryptos were modestly positive.
- Interestingly, outflows were centered around one particular fund, the Purpose Bitcoin ETF (BTCC), which saw a net $114.4 million pulled. Speaking with CoinDesk, Purpose Vice President Josh Bubar took note of the huge trading volume on his company’s platform, and the nature of its spot exchange-traded fund. As for last week’s big outflow, Purpose declined to comment on any specific weekly action.
- Notably, the week ended March 4 saw overall net inflows of $126.8 million, with the Purpose fund receiving a net $130.3 million in new cash. CoinShares Physical, 3IQ and Proshares all saw minor inflows last week, balancing out some of the outflows from Purpose Bitcoin ETF, CoinShares XBT, and 21 Shares.
- Despite outflows in digital asset funds that directly invest in cryptocurrencies, investment products focusing on blockchain-related stocks remained very popular, said CoinShares, with inflows of $4 million last week.
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