Digital assets and crypto investment products saw an outflow of $73 million last week, adding to a five-week streak that has now brought the total to $532 million.
As a percentage of total assets under management (AuM), this period marked the sharpest outflow since 2018, according to the latest CoinShares report.
However, the report also acknowledged the first daily flows of the year on Wednesday and Friday last week. According to the report, these positive price moves indicate a waning of the recent bearish sentiments.
As always, bitcoin-based investment products saw the largest amount in traffic over the past week, totaling $55 million in outflows. It has outflows in four of the last five weeks, which now stand at $317 million. The report also emphasized that the total AUM in bitcoin hit a three-month low of $35 billion in the middle of last week.
Meanwhile, Ethereum-based investment products saw another $30 million outflow over the past week. This is the sixth consecutive week of outflows, which are now at $230 million, which is about 1.5% of AUM. Notably, Solana continued to buck the trend, seeing an influx of $5.4 million into investment products after experiencing only two weeks of outflows since August 2021. Looking at the mix of traffic, blockchain equity investment products also turned positive, seeing a modest inflow last week to around $400,000.
Despite the continued downside trend, outflows were significantly lower than last week when outflows from crypto investment products stood at a record $207 million. The CoinShares report considers the $107 million outflow from bitcoin-backed products “a direct response to FOMC minutes, which revealed the concerns of the US Federal Reserve for rising inflation and fears among investors of interest rate hikes.” Did.”
The report also noted that the high turnover of bitcoin-backed products over the past four weeks reflects higher than normal investor activity.
Since mid-December, the current streak of outflows ended 17 consecutive weeks of inflows beginning in August 2021, which eventually peaked at $3.6 billion.