- U.S. led digital asset outflows, contributing $1.16 billion, 93% of total losses.
- Bitcoin saw $5.4B in outflows over five weeks, marking significant market challenges.
- XRP recorded $1.8 million in inflows, bucking the trend amid broader crypto declines.
Digital asset investment products have seen a downturn, with a total of $6.4 billion leaving the market during a tough period. This trend has continued for the fifth week in a row, bringing the total outflows for this period to $1.7 billion, which is the longest losing streak since 2015.
Despite the ongoing negative sentiment, inflows for the year are still positive at $912 million. However, these recurring outflows have caused total assets under management (AuM) to drop by $48 billion, showing just how volatile the market is.
Related: Massive Outflows Shake Digital Asset Investment Products
Where Did Most of the Money Leave From?
The United States saw the biggest amount of money leaving, with $1.16 billion, or 93% of the total losses.
Switzerland was also affected, reporting $528 million in outflows because a major early investor pulled out. On the other hand, Germany saw a smaller move, with only $8 million coming into the market during this time.
How Did Major Cryptocurrencies Perform?
Bitcoin was the most affected asset, with $978 million leaving last week alone. Over the past five weeks, Bitcoin’s outflows have reached $5.4 billion. Ethereum and Solana also saw losses, with $175 million and $2.2 million in outflows, respectively.
Interestingly, XRP was one of the few digital assets that saw money come in, adding $1.8 million to its total. Despite the generally downbeat market, XRP’s ability to attract capital shows a different trend compared to other major digital currencies. The Bitwise Bitcoin ETF recorded $23.04 million in net inflows, bringing its total to $2.03 billion, with $3.25 billion in assets under management.
Similarly, the VanEck Bitcoin ETF (HODL) saw $4.79 million in net inflows, raising its total inflows to $832.4 million and a total AuM of $1.19 billion.
What Happened to Binance’s Assets?
However, Binance saw its assets under management (AuM) almost disappear after a major investor pulled out. The exchange now holds just $15 million in AuM, a drop from where it was before.
Related: Bitcoin vs. Ethereum: Institutional Investors Diverge as Digital Asset Funds See Outflows
Meanwhile, blockchain stocks were also negatively affected, with $40 million leaving the market. Despite this overall downward trend, BlackRock’s iShares Bitcoin Trust posted $96.24 million in net outflows, though it remains the top-performing fund with $39.24 billion in total net inflows.
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