Crypto Funds See Their First Outflows in 7 Weeks: CoinShares

Digital asset investment products saw $110 million in outflows for the week ended March 11 after reaching the highest inflows in three months the week before, said CoinShares.

• Broken down by asset class, $69.9 million exited bitcoin (BTC) funds, $50.6 million exited ether (ETH), and flows for other cryptos were modestly positive.
• Interestingly, outflows were centered around one particular fund, the Purpose Bitcoin ETF (BTCC), which saw a net $114.4 million pulled. Speaking with CoinDesk, Purpose Vice President Josh Bubar took note of the huge trading volume on his company’s platform, and the nature of its spot exchange-traded fund. As for last week’s big outflow, Purpose declined to comment on any specific weekly action.
• Notably, the week ended March 4 saw overall net inflows of $126.8 million, with the Purpose fund receiving a net $130.3 million in new cash. CoinShares Physical, 3IQ and Proshares all saw minor inflows last week, balancing out some of the outflows from Purpose Bitcoin ETF, CoinShares XBT, and 21 Shares.
• Despite outflows in digital asset funds that directly invest in cryptocurrencies, investment products focusing on blockchain-related stocks remained very popular, said CoinShares, with inflows of $4 million last week.