Ah, the world of cryptocurrency exchange-traded products (ETPs), where fortunes are made and lost faster than one can say “blockchain.” Last week, these digital assets experienced a rather dramatic outflow of $508 million, a continuation of the investor retreat that has become all too familiar, as noted by the ever-watchful CoinShares.
In a twist of fate, this outflow followed a previous week’s $415 million exodus, as if the crypto market were a ship taking on water, and the passengers were scrambling for the lifeboats. James Butterfill, the sage of CoinShares, attributed this surge in selling pressure to the cautious sentiments of investors post-US presidential inauguration, amidst a fog of uncertainty surrounding trade tariffs, inflation, and monetary policy. Who knew politics could be so… unprofitable?
Bitcoin (BTC) ETPs, the grandest of all crypto assets by market cap, bore the brunt of this financial tempest, suffering the most significant losses. Meanwhile, XRP (XRP) investment products seemed to be the life raft, enjoying another week of substantial inflows. Perhaps they were the only ones who remembered to bring their floaties! 🏊♂️
Crypto ETP outflows were exclusive to Bitcoin last week
Indeed, Bitcoin investment products were the stars of the show, but not in a good way, accounting for a staggering $571 million in outflows. In contrast, altcoin ETPs managed to either maintain their ground or even attract some inflows, with XRP ETPs leading the charge with a commendable $38 million influx. Talk about a plot twist!
XRP ETPs have seen a remarkable $819 million in inflows since November 2024, fueled by the fervent hopes of investors that the US Securities and Exchange Commission might just drop its Ripple lawsuit and bless us with a spot XRP ETF. Fingers crossed, right? 🤞
Solana (SOL), Ether (ETH), and Sui (SUI) followed suit, with inflows of $8.9 million, $3.7 million, and $1.5 million, respectively. It seems they were the popular kids at the crypto party!
BlackRock’s iShares ETFs hit with $22 million losses
In a rare turn of events, BlackRock’s iShares exchange-traded funds (ETF) also felt the sting, recording losses of $22 million. It’s almost as if the universe decided to spread the pain around. Meanwhile, ProShares ETFs were the lone survivors, basking in the glow of $38 million in inflows, according to CoinShares. Lucky them!
On the flip side, crypto ETPs from Grayscale Investments and Fidelity Digital Assets saw the largest outflows, totaling $170 million and $166 million, respectively. Ouch! That’s gotta hurt.
Regionally, the US was the epicenter of this crypto drama, witnessing a staggering $560 million in outflows. However, Europe seemed to be on a different wavelength, enjoying steady inflows, with Germany and Switzerland leading the charge with $30.5 million and $15.8 million, respectively. Perhaps they were sipping on some crypto cocktails while the US was drowning in its own tears!
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2025-02-24 14:12