Well now, gather ’round, folks, for I bring tidings from the wild and woolly world of cryptocurrency exchange-traded products (ETPs). It seems these poor souls have been on a losing streak longer than a Mississippi summer, recording a fourth straight week of outflows, with a staggering $876 million evaporating into thin air just last week.
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View Urgent ForecastAfter a record-breaking week of outflows that would make even the most stoic of investors weep—$2.9 billion, mind you—these crypto ETPs have continued their downward spiral, bringing the four-week total to a jaw-dropping $4.75 billion, as reported by our friends at CoinShares on this fine March 10th. If this keeps up, we might as well start calling it a crypto drought!
Now, while the pace of these outflows has slowed to a crawl, investor sentiment remains as gloomy as a rain-soaked Sunday, according to James Butterfill, the head honcho of research over at CoinShares. He even suggested that the market is showing signs of capitulation—whatever that means! Sounds like a fancy way of saying folks are throwing in the towel.
Bitcoin ETP selling accounted for 86% of total outflows
And wouldn’t you know it, Bitcoin (BTC) ETPs are leading the charge in this exodus, accounting for a whopping $756 million, or 85% of last week’s total. Short-Bitcoin ETPs also joined the party, seeing outflows of $19.8 million—the most since December 2024. Talk about a party no one wants to attend!
With cumulative outflows reaching $4.75 billion over the past four weeks, the year-to-date inflows have plummeted to a mere $2.6 billion. It’s enough to make a grown man cry!
Total assets under management (AUM) have taken a nosedive, declining by $39 billion to a paltry $142 billion—the lowest point since mid-November 2024. This decline is driven by both negative price movements and sustained outflows, as Butterfill so eloquently noted. It’s like watching a ship sink while the captain insists everything is just fine!
Most altcoins shared bleeding sentiment
But wait, there’s more! This bearish sentiment has spread like wildfire among a whole host of altcoins, with Ether (ETH) ETPs seeing $89 million of outflows. It’s a veritable bloodbath out there!
Tron (TRX) and Aave (AAVE) also found themselves among the most notable ETP losers, with outflows of $32 million and $2.4 million, respectively. If this keeps up, they might as well start handing out life jackets!
On the flip side, Solana (SOL), XRP (XRP), and Sui (SUI) are still managing to attract some inflows, totaling $16.4 million, $5.6 million, and $2.7 million, respectively. It seems some folks are still willing to take a gamble, bless their hearts!
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2025-03-10 13:23