Digital asset funds saw another $1.7 billion quit last week, continuing a five-week sell-off that now stands at $6.4 billion, making cryptocurrency investment products the subject of the worst outflow run on record.
Coinshares reports that the current run consists of 17 days in a row with net outflows, which is a record since records started being kept in 2015. With net inflows of $912 million, year-to-date flows are still positive despite the decline. Nevertheless, $48 billion in total assets under management (AuM) across cryptocurrency investment products have been lost due to the recent drop.
The United States continues to be the focal point of this retreat, accounting for $1.16 billion, or almost 93%, of all outflows last week. Switzerland suffered significant losses as well, totaling $528 million.
With $8 million in inflows, Germany, however, marginally defied the general trend.
Bitcoin products suffered the most, with weekly withdrawals of $978 million, for a five-week total of $5.4 billion. Additionally, short-bitcoin positions lost $3.6 million.
Not surprisingly, Ethereum and Solana investment products had outflows of $175 million and $2.2 million, respectively. Notably, new inflows of $1.8 million showed that XRP was still drawing in capital. Additionally, blockchain stocks had a rough week, losing $40 million.
Assets like XRP are demonstrating resilience in the face of the volatility, even though investor mood is still cautious.
