Crypto ETPs record $2.9B outflows, Bitcoin hit hardest — CoinShares

Cryptocurrency exchange-traded products (ETPs) person experienced the largest play sell-off successful history, with outflows reaching a grounds $2.9 cardinal past week.

Following 3 consecutive weeks of outflows, planetary crypto ETPs person seen $3.8 cardinal wiped out, the European crypto concern steadfast CoinShares reported connected March 3.

The crypto ETP bloodbath was apt driven by respective factors, including the $1.5 cardinal Bybit hack, hawkish rhetoric by the United States Federal Reserve, arsenic good arsenic the preceding 19-week inflow streak of $29 billion, CoinShares probe caput James Butterfill said.

“These elements apt led to a premix of profit-taking and weakened sentiment toward the plus class,” helium added.

Weekly crypto ETP flows since precocious 2024. Source: CoinShares

Bitcoin bleeds the most, portion Sui is the biggest winner

As the largest plus for planetary crypto ETPs, Bitcoin (BTC) “bore the brunt of the weaker sentiment” with $2.6 cardinal of outflows past week, Butterfill reported. Its month-to-date (MTD) flows were besides down $3.2 billion. Additionally, abbreviated Bitcoin ETPs saw insignificant inflows totaling $2.3 million.

On the different hand, Sui (SUI) was the champion performer successful presumption of ETPs past week, seeing $15.5 cardinal successful inflows. XRP (XRP)-based ETPs followed with $5 cardinal inflows.

Flows by plus (in millions of US dollars). Source: CoinShares

ETPs connected Ether (ETH), the 2nd largest crypto plus by marketplace cap, saw $300 cardinal successful outflows past week, with MTD inflows amounting to $490.3 million.

With the latest sell-off, the full assets nether absorption (AUM) successful crypto ETPs dropped to $138.8 cardinal aft rising to a humanities precocious of $173 billion successful January.

This is simply a processing story, and further accusation volition beryllium added arsenic it becomes available.