Hold onto your hats, crypto enthusiasts, because the digital currency rollercoaster is in full swing! Picture this: CoinShares has sounded the alarm, revealing that the shaky market has sliced a whopping $48 billion off the total assets managed by crypto investment products. That's a serious chunk of change!
For weeks now, the crypto market has been on a bit of a bender, with Bitcoin and Ethereum exchange-traded funds (ETFs) and products leaking like a sieve. Just last week, these financial titans saw a staggering $1.2 billion head for the exits across the globe, from the U.S. to Switzerland and Canada. Throw in some other digital asset products, and the grand total of outflows hits an eye-watering $1.7 billion. Over the past five weeks, the cash exodus has hit a jaw-dropping $6.4 billion!
CoinShares dropped the news bomb on Monday, revealing that we're now in the 17th consecutive day of outflows, with Bitcoin leading the pack. This is the longest negative streak in their books since they started scribbling down data back in 2015. The double whammy of falling prices and constant outflows has seen digital asset investments shrink by $48 billion!
Zooming in on the U.S. spot Bitcoin ETF market, it's been a rough patch. Over $980 million has fled from ETFs issued by big names like BlackRock, Grayscale, Fidelity, Ark Invest/21Shares, and WisdomTree. BlackRock’s IBIT took the biggest hit, with $383 million disappearing into the ether, while Fidelity’s FBTC waved goodbye to $316 million. IBIT managed just one day of inflow out of five trading days, and FBTC wasn’t much luckier.
From March 10 to 14, it was a desert of inflows, with just one day of positive vibes according to CoinGlass data. Even when there were occasional positive days, they couldn’t make up for the sea of red ink. Meanwhile, the U.S. spot Ethereum ETF market has been on an outflow streak since March 5, losing $189 million just last week.
In the Ethereum corner, BlackRock’s ETHA led the charge into the red with a $63 million outflow, while Fidelity’s FETH wasn’t far behind with $61 million in withdrawals. These funds saw only two days of inflows since March 5, but those tiny deposits were just a drop in the bucket compared to the withdrawals.
As Bitcoin and Ethereum try to claw their way back to the $90,000 and $2,000 marks, respectively, it's clear the crypto world is in for a wild ride. Buckle up, folks, because this crypto market drama is far from over!
