Hold onto your hats, folks, because the crypto rollercoaster is in full swing, and it's not for the faint-hearted! According to CoinShares, the market's recent nosedive has slashed a whopping $48 billion from the total assets under management for crypto investment products. It's been a wild ride with Bitcoin and Ethereum leading the charge in this downturn — like a couple of rebellious rockstars smashing up the stage!
In just the past week, we saw a jaw-dropping $1.2 billion flying out the window from Bitcoin and Ethereum ETFs and products across the globe, from the U.S. to Switzerland and Canada. If you throw in the other digital assets, we're looking at a staggering $1.7 billion in outflows. And over the last five weeks, the bleed has surpassed $6.4 billion. That's a lot of zeros!
CoinShares dropped a bombshell report revealing that crypto investment products have now hit their 17th straight day of outflows — a record-breaking streak since 2015. Bitcoin's been the main offender here, leading the charge in this exodus. With prices dropping and outflows persisting, the total assets under management have taken a significant hit of $48 billion. Yikes!
In the U.S., the spot Bitcoin ETF market alone saw over $980 million rushing for the exit. Big players like BlackRock, Grayscale, Fidelity, Ark Invest/21Shares, and WisdomTree were all in on the action. BlackRock's IBIT took the crown for the largest outflows, seeing $383 million vanish, while Fidelity's FBTC wasn't far behind with $316 million in withdrawals. It was a week of ups and downs, with IBIT seeing just one day of inflow out of five trading days, while FBTC managed three days of outflows and one day of no movement.
From March 10 to 14, the U.S. spot Bitcoin ETF market had a lone day of inflow, according to CoinGlass data. A few sporadic inflows from the likes of IBIT, FBTC, Ark Invest's ARKB, VanEck's HODL, and Bitwise's BITB couldn't quite balance the massive outflows that dominated two trading days. It was a dry spell with zero inflows for two days straight.
And if you thought Ethereum had it any easier, think again. The U.S. spot Ethereum ETF market has been stuck in an outflow rut since March 5, with last week's losses hitting $189 million. Once again, BlackRock’s ETHA led the charge in outflows at $63 million, with Fidelity’s FETH not far behind at $61 million. Even with two days of inflow, it wasn't nearly enough to cover the withdrawals, with deposits falling shy of $1.5 million each time.
As Bitcoin and Ethereum struggle to climb back to their previous highs, it's a tense waiting game for investors. Will they make a comeback, or is it time for a new crypto star to take the stage? Stay tuned!
