Cryptocurrency exchange-traded products (ETPs) continued to bleed capital last week, marking the 17th straight day of outflows — the longest losing streak since CoinShares began tracking data in 2015.
$1.7B in Outflows Marks Fifth Consecutive Week of Selling
Crypto ETPs recorded $1.7 billion in outflows last week, accelerating from $876 million the week before. This brings the five-week total to $6.4 billion, according to CoinShares’ report on March 17. Despite this sustained selling pressure, year-to-date (YTD) inflows remain positive at $912 million.
James Butterfill of CoinShares noted that the ongoing sell-off reflects weakening investor sentiment, but some products have managed to buck the trend.
Bitcoin ETPs Lead Losses With $5.4B in Outflows
Bitcoin ETPs accounted for the bulk of the selling, with $978 million in outflows between March 10 and March 14. This followed $756 million in outflows in early March, bringing the five-week total for BTC ETPs to $5.4 billion. YTD inflows for Bitcoin ETPs stood at $612 million as of March 14.
Other major cryptocurrencies also faced pressure:
• Ether ETPs saw $175 million in outflows.
• Solana ETPs recorded $2.2 million in outflows.
• XRP ETPs bucked the trend with $1.8 million in inflows.
21Shares and BlackRock Lead Outflows
European crypto ETP provider 21Shares recorded the largest outflows last week, with $534 million leaving its funds. However, the U.S. market saw the biggest regional losses, with $1.2 billion exiting American crypto ETPs.
Among issuers, BlackRock — the largest holder of crypto assets — reported $401 million in outflows last week, raising its month-to-date (MTD) losses to $594 million.
ProShares was the only major issuer to record positive inflows, with $2 million in MTD gains. ProShares remains one of just three issuers, alongside BlackRock and ARK Invest, to maintain positive YTD inflows by mid-March.
Binance Assets Drop After Seed Investor Exit
Binance also faced a sharp decline in assets under management (AUM) after a key seed investor exited. This left Binance with just $15 million in AUM, according to Butterfill.
Conclusion
While crypto ETPs continue to face heavy selling pressure, some products — including XRP and ProShares — have shown resilience. Investors will be watching closely to see if this prolonged selling streak signals a deeper shift in market sentiment or a temporary correction.