Global crypto investment products run by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares witnessed net outflows of $1.7 billion last week, according to CoinShares data.

The funds' outflow streak has now extended to a fifth consecutive week, totaling $6.4 billion — the worst on record — with year-to-date inflows dropping below $1 billion to $912 million, CoinShares Head of Research James Butterfill noted in a Monday report. "This also marks the 17th straight day of outflows, the longest negative streak since our records began in 2015," Butterfill said.

Weekly crypto asset flows. Images: CoinShares.

Following the recent price correction and sustained outflow streak, total assets under management at the funds have declined by $48 billion from their peak to $133.6 billion, Butterfill noted.

Despite some volatility, bitcoin has traded relatively flat over the past week, according to The Block's Bitcoin Price page. The foremost cryptocurrency is down 0.2% over the last seven days, currently trading for $83,558.

"After topping $100,000 in late 2024, bitcoin's recent pullback has traders watching key support levels between $82,000 and $85,000," Bitget Research Chief Analyst Ryan Lee told the Block. "It's a classic post-rally consolidation phase that is healthy but also a test of whether bitcoin's recent momentum has real staying power. Institutional buying and the buzz around a potential U.S. Strategic Bitcoin Reserve continues to prop up sentiment, but with resistance looming near $85,000–$90,000, a breakout won't come easy."

"Let's not forget the macro wildcard: any unexpected FOMC moves could throw a wrench into the market," Lee added. "If sentiment turns bearish, we could see bitcoin dip toward $75,000–$80,000, though a bullish macro backdrop could send it climbing back to $90,000."

Meanwhile, the GMCI 30 index, representing a selection of the top 30 cryptocurrencies, is up around 0.2% over the past seven days to 138.97.

U.S. investors again led the exodus, accounting for $1.16 billion of last week's outflows and 93% of all outflows during this record negative streak. Funds based in Switzerland saw a substantial $527.7 million in outflows amid a seed investor exit, Butterfill noted.

Digital asset investment products in Canada and Sweden also witnessed outflows, seeing $6.6 million and $5.1 million withdrawn, respectively. However, crypto funds in Germany, Brazil, Australia and Hong Kong still managed moderate inflows.

As usual, Bitcoin-based products led the weekly flows with a further $978 million exiting global funds, bringing their five-week negative run to $5.4 billion. However, investors also continued to sell out of short-Bitcoin positions, with such products witnessing additional outflows of $3.6 million last week.

The U.S. spot Bitcoin exchange-traded funds accounted for the majority of those outflows, with $921.4 million exiting the funds last week, according to data compiled by The Block. However, the pace of outflows decelerated toward the end of the week.

That slowing pace suggests that most of the forced selling and de-risking may now be behind us, BRN analyst Valentin Fournier told The Block. Supported by a strong bounce back in the S&P 500 and Nasdaq, potential rate cuts and U.S. regulatory developments, the broader market correction has "likely run its course," he said.

Global Ethereum investment products did not escape the negative sentiment either, registering $175 million in net outflows last week amid a 10% price decline over the past seven days, according to The Block's Ethereum Price page.

"The ETH/BTC ratio's weakness suggests Ethereum is struggling to find independent strength, even with promising developments on the horizon," Lee said, referencing the upcoming Pectra upgrade.

Solana-based funds also witnessed $2.2 million in outflows, while XRP products continued to buck the trend, adding $1.8 million for the week.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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