Outflows from cryptocurrency ETFs continue for a record 17 days in a row

The cryptocurrency exchange-traded fund (ETF) market is recording its longest streak of outflows since 2015, when CoinShares began tracking the data.

Last week, the massive sell-off of cryptocurrency exchange-traded products (ETPs) continued, marking the fifth consecutive week of capital outflows. In total, investors withdrew $1.7 billion, and over the past five weeks, the total outflow has reached $6.4 billion, CoinShares reported on March 17.

Record BTC ETP Outflows

After a relative slowdown in outflows ($876 million) the previous week, the liquidation of cryptocurrency ETPs accelerated. In just the first week of March, $756 million exited the market, and from March 10 to 14, investors withdrew another $978 million.

Over the five-week period, total outflows from Bitcoin ETFs reached $5.4 billion, leaving only $612 million in net inflows since the beginning of the year.

Despite the overall negative trend, net inflows into cryptocurrency ETFs since the start of 2024 remain positive at $912 million, noted James Butterfill from CoinShares.

Largest Losses Among Issuers

Among cryptocurrency ETF issuers, European provider 21Shares recorded the largest outflow, losing $534 million in just one week.

However, the biggest losses were seen in the U.S. market, where $1.2 billion was withdrawn from ETPs.

Even BlackRock, the largest crypto asset holder among issuers, experienced significant outflows:

• Investors withdrew $401 million over the week
• Monthly outflows increased to $594 million