Last week, cryptocurrency exchange-traded product (ETP) outflows reached a new record of $2.9 billion.
CoinShares, a European crypto-investment firm, says that global ETPs are down $3.8 billion after three weeks of consecutive outflows. reported The third of March is approaching.
Crypto ETP’s bloodbath may have been triggered by a number of factors including $1.5 billion Bybit hackJames Butterfill is the head of research at CoinShares. He attributed this to the Federal Reserve’s hawkish tone and an inflow trend that lasted 19 weeks, totaling $29 billion.
“These elements likely led to a mix of profit-taking and weakened sentiment toward the asset class,” He also added.
Weekly crypto ETPs flows from late 2024. Source: CoinShares
Bitcoin bleeds most but Sui is biggest winner
Bitcoin is the most popular crypto-ETP asset globally.BTC) “bore the brunt of the weaker sentiment” Butterfill reports that Butterfill saw $2.6 billion worth of withdrawals in the last week. Butterfill reported that its month-to date (MTD), flows are also down by $3.2 billion. Inflows into short Bitcoin ETPs were $2.3 million.
Sui) (SUILast week, XRP () had the highest performance in ETPs with $15.5 Million in new inflows. XRPXRPThe ETPs that are based in ) received $5 million.
Source: CoinShares. Source: CoinShares
ETPs On EtherETH), the second-largest crypto asset by market cap, saw $300 million in outflows last week, with MTD inflows amounting to $490.3 million.
The total AUM of crypto ETPs has dropped from $138.8 Billion to $138.8 Billion after the recent sell-off. rising to a historical high of $173 billion In January,
The story is developing and we’ll add more information as soon as it comes to hand.
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Source: cointelegraph.com
