Bitcoin, Ethereum ETFs Shed $1.9 Billion In Assets—And It Could Get Even Worse
Global cryptocurrency investment products saw $1.9 billion in net outflows last week as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) funds extended a four-week losing streak.
ETPs Log Four Weeks Of Redemptions
The redemptions pushed the four-week total to $4.9 billion, representing 2.9% of assets under management.
James Butterfill, head of research at CoinShares, said the scale of withdrawals marks the third-largest run of outflows since 2018.
He added that the streak reflects a 36% decline in assets under management due to a combination of sustained selling pressure and falling cryptocurrency prices.
Bitcoin And Ethereum Lead Withdrawals
Bitcoin-based ETPs accounted for the largest outflows, with $1.27 billion leaving the asset class last week.
CoinShares reported that Bitcoin funds then saw a sharp reversal on Friday, recording $225 million in inflows after seven straight days of redemptions.
Short Bitcoin products added $19 million, extending a three-week trend that has seen their assets under management grow 119%.
Ethereum products faced …
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