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Crypto Funds See Their First Outflows in 7 Weeks: CoinShares

Both bitcoin and ether vehicles saw a sizable exit of money, according to the report.

By Angelique Chen
AccessTimeIconMar 14, 2022 at 7:49 p.m. UTC
Updated May 11, 2023 at 7:18 p.m. UTC
(Mike Kemp/Getty images)
(Mike Kemp/Getty images)
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Digital asset investment products saw $110 million in outflows for the week ended March 11 after reaching the highest inflows in three months the week before, said CoinShares.

  • Broken down by asset class, $69.9 million exited bitcoin (BTC) funds, $50.6 million exited ether (ETH), and flows for other cryptos were modestly positive.
  • Interestingly, outflows were centered around one particular fund, the Purpose Bitcoin ETF (BTCC), which saw a net $114.4 million pulled. Speaking with CoinDesk, Purpose Vice President Josh Bubar took note of the huge trading volume on his company’s platform, and the nature of its spot exchange-traded fund. As for last week’s big outflow, Purpose declined to comment on any specific weekly action.
  • Notably, the week ended March 4 saw overall net inflows of $126.8 million, with the Purpose fund receiving a net $130.3 million in new cash. CoinShares Physical, 3IQ and Proshares all saw minor inflows last week, balancing out some of the outflows from Purpose Bitcoin ETF, CoinShares XBT, and 21 Shares.
  • Despite outflows in digital asset funds that directly invest in cryptocurrencies, investment products focusing on blockchain-related stocks remained very popular, said CoinShares, with inflows of $4 million last week.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Angelique Chen
    Angelique Chen

    Angelique is a market contributor at CoinDesk.

    Follow @AngeliqueChen07 on Twitter

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