Cryptocurrency exchange-traded products continue to experience massive selling, reaching $1.7 billion in outflows last week for the fifth consecutive week.
Fifth Consecutive Crypto ETP Outflow
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 outflow strike has 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.
Bitcoin ETP Outflow Details
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.
Ethereum and Solana ETP Situation
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.
Despite significant pressure on crypto ETPs, certain assets like XRP continue to earn investor confidence. Ongoing trends in the market may have long-term implications for pricing and investment strategies in this sector.
