Digital asset investment products experienced a record outflow of $942 million from March 16 to 22, marking the end of a seven-week streak of substantial inflows totaling $12.3 billion.
According to a report from CoinShares , trade turnover amounted to $28 billion, following a record-breaking $43 billion the previous week.
The primary driver behind this negative shift was the outflows from Grayscale’s GBTC (Grayscale Bitcoin Trust), which amounted to $2 billion, surpassing the net inflows into its competitors by $1.1 billion.
Consequently, the market witnessed a significant withdrawal of $904 million from Bitcoin (BTC)-related investment instruments, a stark contrast to the highest-ever influx of $2.86 billion the previous week.
As a result of the outflows and the price retracement, the total volume of digital assets under management decreased by $10 billion, settling at $88.2 billion.
Just a week prior, this metric had surpassed the $100 billion mark.
Additionally, clients withdrew $3.7 million from structures enabling short positions on BTC, following the previous week’s peak investment of $26 million since the beginning of the year.
“We believe the recent price correction led to hesitancy from investors, leading to much lower inflows into new ETF issuers in the US, which saw US$1.1bn inflows, partially offsetting incumbent Grayscale’s significant US$2bn outflows last week,” CoinShares wrote.
Digital asset investment products experienced a weekly outflow of $942 million, ending a 7-week streak of inflows up to $12.3 billion.
ETF issuers in the US managed to gather $1.1 billion in inflows, which helped to mitigate the impact of Grayscale’s $2 billion outflows pic.twitter.com/eKSBE1mEv6
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