Cryptocurrency exchange-traded products (ETPs) recorded the fourth straight week of outflows, with $876 million in losses during the past trading week.
After posting record weekly outflows of $2.9 billion last week, crypto ETPs continued their downward trend, bringing the four-week total outflows to $4.75 billion, CoinShares reported on March 10.
While the pace of outflows slowed, investor sentiment remained bearish, according to James Butterfill, head of research at CoinShares.
The analyst also suggested that the market has shown signs of capitulation.
Bitcoin ETP selling accounted for 86% of total outflows
Bitcoin (BTC) ETPs were the primary driver of outflows, accounting for $756 million, or 85% of last week’s total. Short-Bitcoin ETPs also saw outflows of $19.8 million, the largest since December 2024.
With cumulative outflows reaching $4.75 billion over the past four weeks, the year-to-date inflows dropped to $2.6 billion.
Weekly crypto ETP flows since late 2024. Source: CoinShares
Total assets under management (AuM) declined by $39 billion to $142 billion, the lowest point since mid-November 2024, driven by both negative price movements and sustained outflows, Butterfill noted.
Most altcoins shared bleeding sentiment
The bearish sentiment was also observed among a wide range of altcoins last week, with Ether (ETH) ETPs seeing $89 million of outflows.
Tron (TRX) and Aave (AAVE) were also among the most notable ETP losers, seeing $32 million and $2.4 million in outflows, respectively, according to the report.
Flows by asset (in millions of US dollars). Source: CoinShares
Conversely, Solana (SOL), XRP (XRP) and Sui (SUI) continued to see inflows totaling $16.4 million, $5.6 million and $2.7m, respectively, Butterfill wrote.
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