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Crypto investment products see third consecutive week of outflows totaling $435 million

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The outflows are the largest since a record of nearly $1 billion during the third week of March as bitcoin fell back from its all-time high.

Global crypto investment products at asset managers such as Ark Invest, Bitwise, Fidelity, Grayscale, ProShares and 21Shares registered a third-consecutive week of net outflows totaling $435 million last week, according to CoinShares' latest report.

Most of the outflows were from the incumbent Grayscale, which converted its Bitcoin Trust product into a spot bitcoin exchange-traded fund in January. Grayscale’s GBTC contributed $454.1 million in outflows last week alone. However, this was the lowest level for nine weeks, Butterfill pointed out. BlackRock’s IBIT spot bitcoin ETF witnessed three days of zero flows last week as its 71-day inflow streak — putting it in the top ten ETFs of all time — came to an end. Fidelity’s FBTC and Valkyrie’s BRRR also witnessed their first daily outflows last week.

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