Crypto ETPs see $1.7B in outflows, longest streak since 2015

Cryptocurrency exchange-traded products (ETPs) continued seeing massive selling last week, recording the fifth week of outflows in a row, with $1.7 billion leaving the market. 

After seeing slightly softened outflows of $876 million in the previous week, crypto ETP liquidations accelerated during the past trading week, bringing the total five-week outflows to $6.4 billion, CoinShares reported on March 17.

The ongoing outflows have also marked the 17th straight day of outflows, the longest negative streak since CoinShares started records in 2015, CoinShares’ James Butterfill wrote.

Despite notable negative sentiment, year-to-date (YTD) inflows remain positive at $912 million, he added.

After seeing $756 million outflows in the first week of March, Bitcoin (BTC) ETPs saw increased selling in the trading week from March 10 to March 14, seeing a further $978 million outflows.

The five-week selling streak brought total BTC ETP outflows to $5.4 billion, leaving just $612 million of YTD inflows by March 14.

Flows by asset (in millions of US dollars). Source: CoinShares

Both Ether (ETH) and Solana (SOL) ETPs saw $175 million and $2.2 million outflows, respectively. XRP (XRP) ETPs continued to go against the trend, seeing a further $1.8 million in inflows.

According to CoinShares data, European crypto ETP provider 21Shares recorded the largest liquidations among issuers last week, totaling $534 million of outflows.

Despite significant selling in Europe, the United States still saw the largest outflows among the analyzed regions, with $1.2 billion leaving its crypto ETP market.

Flows by issuer (in millions of US dollars). Source: CoinShares

BlackRock, the largest crypto holder among all the issuers, saw $401 million of outflows, with month-to-date outflows expanding to $594 million.

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ProShares is the only tracked major issuer that still has $2 million of inflows MTD. ProShares is also one of three major issuers that managed to maintain inflows YTD by March 14, including firms such as BlackRock and ARK Invest.

Additionally, Binance saw almost all its assets under management wiped out by a seed investor exit, leaving just $15 million left, Butterfill noted.

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