Record $1B Exited Crypto Funds Last Week: CoinShares

The action was a break from what had been a record seven-week string of inflows.

AccessTimeIconMar 25, 2024 at 4:40 p.m. UTC
Updated Mar 25, 2024 at 4:42 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now
  • The outflow last week totaled $942 million, according to a CoinShares report.
  • Altcoins fared better last week, with $16 million of net inflows – notably into polkadot, avalanche and litecoin.

Digital asset investment products witnessed record weekly outflows last week after billions piled into the vehicles over the past few months.

Led by $2 billion in exits from the Grayscale Bitcoin Trust (GBTC), last week’s crypto fund outflows totaled $942 million, according to CoinShares. This broke what had been a record seven-week string of inflows of $12.3 billion.

Last week's outflow came alongside downside volatility in the price of bitcoin (BTC), which tumbled below $61,000 from $73,000 just days earlier.

“We believe the recent price correction led to hesitancy from investors, leading to much lower inflows into new ETF issuers in the U.S., which saw $1.1 billion inflows,” said CoinShares. “Partially offsetting incumbent Grayscale’s significant $2 billion outflows last week.”

A Coinbase research report echoed CoinShares’ take, saying that the driver behind the surge in outflows was GBTC, noting one source of potential selling pressure from the bankruptcy estate of Genesis Global, which holds tens of millions of shares in the fund.

According to the CoinShares report, altcoins fared better last week, with $16 million of net inflows – notably into polkadot (DOT), avalanche (AVAX) and litecoin (LTC).

Edited by Stephen Alpher.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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; 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.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.