Crypto Funds Report $223M Outflows - CoinShares

According to CoinShares, crypto investment products from major asset managers like BlackRock and Fidelity saw net outflows of $223 million globally last week, concluding a remarkable 15-week streak of inflows. Despite a strong start to the week with approximately $883 million in inflows, the latter half led to significant outflows influenced by a hawkish FOMC meeting and better-than-expected U.S. economic data, as noted by CoinShares Head of Research, James Butterfill. 'While weak payroll data suggested dovish inclinations for the Fed, the overall risk-off sentiment resulted in substantial outflows — over $1 billion on Friday alone,' Butterfill highlighted. He suggested this could be seen as minor profit-taking, given the impressive $12.2 billion in inflows over the last month, which constitutes 50% of this year's total inflows so far. Regionally, the U.S. led in negative sentiment with $383 million in outflows, followed by Germany and Sweden, which recorded $35.5 million and $33.3 million respectively. However, Hong Kong and Switzerland funds contributed net inflows of $170.4 million and $52.4 million, partially countering these losses. Bitcoin-based funds led the way with $404 million in net outflows last week, while year-to-date inflows remain strong at $20 billion. The U.S. spot Bitcoin ETFs bore the brunt of these outflows, comprising a loss of $642.9 million last week. On the other hand, Ethereum funds continued their positive run, with an additional $133 million in inflows, marking their longest inflow streak since mid-2021. The U.S. spot Ethereum ETFs accounted for $154.3 million of these inflows, despite experiencing $152.3 million in outflows on Friday. Other altcoin investments, including XRP, Solana, and Sei, also saw positive net inflows of $31.2 million, $8.8 million, and $5.8 million respectively. Disclaimer: The Block operates independently, providing news and insights without bias in covering the crypto landscape.