Global crypto investment products run by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares witnessed net outflows of $876 million last week as negative sentiment continued, according to CoinShares data.
The funds' outflow streak has now extended to a fourth consecutive week, totaling $4.75 billion, reducing year-to-date inflows to $2.6 billion. "Although this indicates a slowdown in the pace of outflows, investor sentiment remains bearish," CoinShares Head of Research James Butterfill said in a Monday report.
Weekly crypto asset flows. Images: CoinShares.
Total assets under management at the funds have now declined by $39 billion from their peak to $142 billion — the lowest level since just after the U.S. presidential election in November — driven by the sustained outflows and falling asset prices, Butterfill noted.
Bitcoin dropped 15% from a high of $94,318 to a low of $80,085 last week, according to The Block's Bitcoin Price Page.
Meanwhile, the GMCI 30 index, representing a selection of the top 30 cryptocurrencies, fell nearly 22% over the same period to below 140.
"The market remains under pressure as ETF outflows persist, signaling a decline in institutional confidence," BRN analyst Valentin Fournier told The Block. "Over the past month, ETF outflows have led to a 10% decrease in total cumulative inflows, highlighting both investor doubt and the likelihood that many have already reached their desired crypto allocations. This trend is expected to continue — and potentially worsen — if the market remains in a prolonged downtrend."
While the lack of a clear agenda and ongoing political uncertainty continue to weigh heavily on the market, cryptocurrencies are now trading at critical support levels, positioning them for a potential rebound, Fournier added, amid "signs that the downturn may be nearing its end."
U.S. investors were the most bearish last week amid the price drop, pulling out $922 million from crypto funds, despite President Trump's executive order on Thursday to create a U.S. Strategic Bitcoin Reserve, which Butterfill described as "a massive step forwards in legitimacy for the asset."
The Strategic Bitcoin Reserve would be established from the approximate 200,000 BTC ($18 billion) already owned by the federal government that was forfeited as part of criminal or civil proceedings, minus those that still need to be returned to victims. However, Trump also directed Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to develop budget-neutral strategies for acquiring additional bitcoin, provided they have no incremental costs to American taxpayers.
The executive order also established a U.S. Digital Asset Stockpile consisting of cryptocurrencies other than bitcoin. However, the government will not acquire additional assets for the stockpile beyond those obtained through forfeiture proceedings.
Meanwhile, other regions saw last week's price action as a buying opportunity, Butterfill said, with investment products in Switzerland, Canada and Germany registering inflows of $23 million, $14.7 million and $13.3 million, respectively.
Global Bitcoin-based funds led the weekly outflows with $756 million. However, short-Bitcoin products also saw outflows of $19.8 million — the largest since December — suggesting "investors are close to capitulation," Butterfill said.
The U.S. spot Bitcoin exchange-traded funds accounted for the majority of those outflows, with $739.2 million exiting the funds last week, according to data compiled by The Block.
Several altcoin-based investment products also saw global outflows last week, including Ethereum, Tron and Aave, with $89 million, $32 million and $2.4 million leaving the funds, respectively. Blockchain-related equity exchange-traded products also suffered under the negative sentiment, witnessing $48 million in outflows last week.
However, bucking the trend, Solana, XRP and SUI-based products attracted net inflows of $16.4 million, $5.6 million and $2.7 million.
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