According to digital asset manager CoinShares, the institutional crypto- investment products experienced their biggest weekly total outflows ever last week.
CoinShares stated in its latest Digital Asset Fund Weekly Streams Report that crypto investment products are seeing a record net outflow of $255 million, representing 1% of total assets under management.
This is the fifth consecutive week of launch for these crypto institutional investment products.
bitcoin (BTC) products took the hardest hit, with a total output of $243.5 million. In contrast, Ethereum (ETH) only experienced an outflow of 11 million dollars.
According to CoinShares, overall outflows have “wiped” the cumulative net inflows seen so far in 2023. However, it led crypto investment products to net outflows of $82 million year-to-date.
Not all investment products have had negative weeks, however. ETH competitor wither (SOL) products registered $400,000 entry and XRP products registered $300,000 entry. Polygon (MATIC) products registered $100,000 entry.
The record-breaking digital asset investment product outflows came just before the crypto market started to rise this weekend amid the macroeconomic uncertainty swirling around the US banking industry.
Bitcoin surged more than 32% from its recent low of $19,662 on Friday to as high as $25,959 on Tuesday. The top-ranked crypto asset by market cap is trading at $24,624 at the time of this writing.