Global crypto investment products run by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares witnessed record net outflows of $2.9 billion last week, according to CoinShares data.
"We believe several factors contributed to this trend, including the recent Bybit hack, a more hawkish Federal Reserve and the preceding 19-week inflow streak totalling $29 billion," CoinShares Head of Research James Butterfill said in a Monday report. "These elements likely led to a mix of profit-taking and weakened sentiment toward the asset class."
The funds' negative streak has now extended to a third consecutive week, totaling $3.8 billion. However, there were signs of a turnaround on Friday as the dominant U.S. spot Bitcoin exchange-traded funds ended an eight-day run of net outflows. The impact of President Trump's Crypto Strategic Reserve announcement on Sunday, which saw prices surge back from their recent lows, is also yet to be seen in the flow data.
Weekly crypto asset flows. Images: CoinShares.
"After two weeks of significant outflows, Bitcoin ETFs recorded $94 million in inflows on Friday. This shift indicates that even prior to Trump's announcement, investors viewed bitcoin as undervalued and began re-entering the market," BRN analyst Valentin Fournier told The Block. "The combination of renewed demand and positive momentum is expected to push bitcoin to new highs, particularly as the Presidential Working Group takes concrete steps to implement the crypto reserve plan."
Most of the flows came from U.S.-based funds as usual, with $2.87 billion leaving the funds, while crypto investment products in Switzerland and Canada also saw net outflows of $73 million and $16.9 million, respectively. However, German investors continued to buck the trend, with crypto funds based in the country adding $55.3 million last week.
Global bitcoin investment products led the record weekly outflows with $2.59 billion, as short-bitcoin funds attracted $2.3 million worth of net inflows. Bitcoin dropped 18.7% from a high of $96,294 to a low of $78,289 last week before the crypto reserve-fueled recovery on Sunday, according to The Block's Bitcoin Price Page.
The U.S. spot Bitcoin ETFs accounted for the majority of the outflows, with $2.61 billion exiting the funds last week, according to data compiled by The Block.
Ethereum-based funds also suffered under the negative sentiment, witnessing a record $300 million in weekly outflows while TON and Solana investment products registered $22.6 million and $7.4 million in respective net outflows.
Sui-based funds were the best performer, attracting $15.5 million worth of net inflows, while XRP products continued their positive streak by adding another $5 million.
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