Crypto investment products recorded losses for the third consecutive week due to persistent market selling pressure and limited institutional demand. According to a CoinShares report, 1.67 billion USD was withdrawn from crypto exchange-traded products (ETPs) last week, marking the second-largest weekly outflow of 2024. This is reported by Cointelegraph.com .
These new outflows brought total losses over three weeks to 4.21 billion USD. Consequently, total assets under management fell to 141 billion USD, the lowest level since early April. James Butterfill, head of research at CoinShares, attributed this to geopolitical risks related to Iran and a risk-off sentiment among investors.
Bitcoin (BTC) ETPs led the weekly outflows, with 1.44 billion USD withdrawn from funds. This is the largest weekly figure this year, with Bitcoin assets under management dropping to 114.6 billion USD. Despite this, Bitcoin funds still maintain a net inflow of 1.2 billion USD year-to-date.
Ethereum (ETH) funds also remained under selling pressure, losing 257.3 million USD. Activity in the altcoin segment also declined: only five assets managed to attract more than 1 million USD in investment. While XRP showed positive dynamics with 20.3 million USD, Hyperliquid (HYPE) and Near (NEAR) gathered 10.8 million and 7.6 million USD, respectively.
Regionally, the US market was the primary driver of global outflows, with 1.63 billion USD withdrawn. Germany, Sweden, and Hong Kong also joined this trend. The Netherlands remained the only country to show a positive result with a minor inflow of 1.3 million USD.
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