Mass Exodus from Crypto ETPs: $3.2 Billion in Outflows Over 3 Weeks
TLDR
- Crypto ETPs saw a sharp reversal in sentiment with $2 billion in outflows last week, the largest since February.
- The United States accounted for 97% of the total outflows, while smaller withdrawals were seen in Switzerland and Hong Kong.
- Bitcoin and Ethereum ETPs experienced the largest withdrawals, with Bitcoin losing $1.38 billion and Ethereum $689 million.
- Some investors shifted to multi-asset and short-bitcoin ETPs, with $69 million flowing into multi-asset funds in the past three weeks.
- The outflows coincide with heightened uncertainty surrounding Federal Reserve policies and a retreat in risk appetite.
Crypto ETPs faced a sharp reversal in sentiment last week, with investors pulling roughly US$2 billion from…
