Digital assets manager CoinShares says institutional investments in crypto products suffered their third consecutive week of outflows last week.
In its latest Digital Asset Fund Flows report, CoinShares says crypto investment products lost $435 million in outflows last week, the largest week of outflows since last month.
“Trading volumes in ETPs (exchange-traded products) fell to $11.8 billion last week compared to $18 billion the prior week, while Bitcoin prices fell by 6%.”
While the US saw $388 million in regional outflows, CoinShares notes that inflows on the year remain at a record $13.6 billion.
“Looking into the detail, the majority of the outflows were from the incumbent Grayscale, which saw $440 million outflows, which is the lowest for nine weeks.
While Grayscale’s outflows continue to decelerate, we have also seen a deceleration in inflows from new issuers, which saw only $126 million in inflows last week, compared to $254 million the week prior.”
While Germany and Canada also saw regional outflows, Switzerland and Brazil saw inflows of $4 million and $5 million, respectively.
Leading crypto assets by market cap Bitcoin (BTC) and Ethereum (ETH) suffered outflows of $423 million and $38 million a piece. Meanwhile, multi-asset investment vehicles, Solana (SOL), Litecoin (LTC) and Chainlink (LINK) enjoyed $7 million, $4 million, $3 million and $2.8 million respectively.
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