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Crypto Funds See Their First Outflows in 7 Weeks: CoinShares

Crypto Funds See Their First Outflows in 7 Weeks: CoinShares

According to CoinShares, the products of cryptocurrency-related investments experienced USD 110 million in outflows in the week that ended on 11th March after rising to the highest inflows in the previous week within three months.

If the value is divided by the asset class, Bitcoin (BTC) funds saw the exit of USD 69.9 million while that for Ethereum (ETH) was USD 50.6 million. The outflows remained relatively positive for other crypto assets.

Interestingly, the outflows seemed centered around a particular fund, i.e., the BTCC or Purpose Bitcoin ETF, that experienced the flow of a total of USD 114.4 million.

The Vice President of Purpose, Josh Bubar, pointed out the large trading volume from the platform of his company, as well as the character of the spot exchange trade fund. Purpose, however, avoided commenting on the significant outflow of last week or any particular weekly action.

The week remarkably ended on 4th March by experiencing the total inflows of USD 126.8 million while Purpose Fund got USD 130.3 million in terms of new cash. Proshares, CoinShares Physical, and 3IQ experienced minimal inflows in the last week that balanced out several outflows from 21 Shares, CoinShares XBT, Bitcoin ETF, and Purpose.

According to CoinShares, despite the outflows in the crypto asset funds related to cryptocurrency-related investments, the investment products that focus on stocks related to blockchains remained quite popular with the inflows of USD 4 million in the last week.