Digital asset investment product outflows reached a record weekly level, according to a report by CoinShares.
The digital asset investment firm said that outflows increased for a fifth, consecutive week and totaled $255 million, representing 1% of total assets under management (AUM). Bitcoin was the primary focus for outflows, with some $244 million in outflows.
“While the outflows are the largest on record, they aren’t when expressed as a percentage of total assets under management, that record was on May 2019,” the report said. A full $52 million of outflows that May represented 1.9% of AUM, according to CoinShares.
This comes as the crypto market has suffered a month of uncertainty with crypto-friendly bank Silvergate collapsing and investors concern over the U.S. banking sector’s health.
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The report noted that the outflows have wiped out all of the inflows from earlier this year, with outflows totaling $82 million year to date.
UPDATE (March 13, 2023 18:30 UTC): Clarifies the $52 million of outflows was in May 2019.