Cryptocurrency exchange-traded products (ETPs) have logged 17 consecutive days of outflows, the longest negative streak since CoinShares began tracking in 2015. The persistent withdrawals reflect growing investor caution, with $1.7 billion pulled from the market in the past week alone.
According to CoinShares’ March 17 report, the five-week cumulative outflow now stands at $6.4 billion. The recent wave of liquidations intensified after a slightly more moderate $876 million in outflows the prior week. Despite the bearish momentum, year-to-date (YTD) inflows remain positive at $912 million, noted CoinShares head of research James Butterfill.
Bitcoin (BTC) ETPs have borne the brunt of the exodus, shedding $978 million between March 10 and 14. That brings five-week BTC ETP outflows to $5.4 billion, leaving only $612 million in YTD net inflows. Ethereum (ETH) and Solana (SOL) ETPs also faced pressure, losing $175 million and $2.2 million, respectively. In contrast, XRP (XRP) ETPs posted $1.8 million in inflows, defying the broader trend.
Among issuers, European firm 21Shares saw the heaviest outflows last week at $534 million. Still, the United States accounted for the majority of capital flight, with $1.2 billion leaving its crypto ETP market. BlackRock, the largest issuer, recorded $401 million in outflows last week and $594 million month-to-date.
ProShares was the only major issuer to maintain $2 million in inflows over the past month and remains one of the few with positive YTD performance alongside ARK Invest and BlackRock. Meanwhile, Binance’s assets under management dropped sharply following a seed investor exit, leaving just $15 million in remaining funds.
Despite the record outflows, some analysts interpret the continued inflows into select ETPs as a sign of strategic repositioning rather than a wholesale exit from digital assets. The coming weeks will be crucial in determining whether investor sentiment can rebound or if outflows will persist.