In a tale as old as time—or at least as old as 2015—cryptocurrency exchange-traded products (ETPs) have been hemorrhaging funds like a leaky faucet in a drought. Last week, the market bid adieu to a staggering $1.7 billion, marking the fifth consecutive week of outflows. 🏃♂️💨
After a brief moment of respite with a mere $876 million outflow the week prior, the floodgates reopened, and the past trading week saw the total five-week outflows balloon to $6.4 billion, as reported by CoinShares on March 17. 📉💔
This relentless exodus has now stretched to 17 straight days of outflows, a record-breaking streak since CoinShares began keeping tabs in 2015. James Butterfill of CoinShares noted this with the kind of understatement one might use when describing a minor inconvenience, like spilling tea on one’s favorite Tolstoy novel. 📚☕
Despite the pervasive gloom, year-to-date (YTD) inflows remain in the black at $912 million, a small silver lining in an otherwise stormy sky. 🌩️✨
Bitcoin ETPs: The $5.4 Billion Farewell Tour
Bitcoin (BTC) ETPs, the once-darling of the crypto world, have been on a selling spree that would make even the most seasoned trader blush. After a $756 million outflow in the first week of March, the week from March 10 to March 14 saw an additional $978 million vanish into the ether. 🕳️💸
This five-week selling frenzy has drained $5.4 billion from BTC ETPs, leaving a paltry $612 million in YTD inflows by March 14. It’s as if Bitcoin decided to go on a sabbatical, leaving its investors to wonder if it will ever return. 🧳🌍
Meanwhile, Ether (ETH) and Solana (SOL) ETPs saw outflows of $175 million and $2.2 million, respectively. XRP (XRP) ETPs, ever the contrarian, continued to buck the trend with an additional $1.8 million in inflows. 🦄🌈
This is a developing story, and further updates will be added as they emerge. Stay tuned, dear reader, for the next chapter in this saga of financial intrigue and digital drama. 📖🎭
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2025-03-17 14:15