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CoinShares’ Weekly Crypto Fund Flows Report, authored by James Butterfill, was published today. This report highlights a significant development in Ethereum and contrasting movements in Bitcoin and multi-asset products, covering trends and changes in crypto investment products over the past week.
$30 Million Outflow
For the third consecutive week, outflows from crypto-focused investment products continued. This time, a total outflow of $30 million occurred. This indicates the trend is ongoing, but the rate of outflows has significantly slowed compared to previous weeks.
Despite overall outflows, most providers saw small inflows. However, significant outflows of $153 million from Grayscale overshadowed these gains. Trading volumes increased by 43% from the previous week to $6.2 billion, but this figure remains below the annual average of $14.2 billion.
America Attracts Inflows
Regionally, trends varied significantly. The United States recorded $43 million in inflows, followed by Brazil with $7.6 million and Australia with $3 million. On the other hand, Germany, Hong Kong, Canada, and Switzerland experienced significant outflows of $29 million, $23 million, $14 million, and $13 million, respectively.
Notably, Ethereum witnessed its largest outflows since August 2022, coming under significant pressure. Over the past two weeks, a total outflow of $119 million occurred, making Ethereum the worst-performing asset in terms of net flows year-to-date. This sharp decline highlighted negative sentiment towards Ethereum among investors.
Positive Sentiment Towards Bitcoin
In contrast, multi-asset and Bitcoin exchange-traded products (ETPs) showed resilience with inflows of $18 million and $10 million, respectively. The increase in inflows to these products indicated growing interest in diversified crypto investments and positive sentiment towards Bitcoin. Additionally, there were outflows from short-focused Bitcoin products, totaling $4.2 million last week.
Solana and Litecoin led the inflows with $1.6 million and $1.4 million, respectively. Despite the overall positive sentiment towards cryptocurrencies this year, blockchain-focused stocks faced challenges. These stocks experienced outflows of $545 million in 2023, representing 19% of their assets under management (AuM).
