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Crypto-based investment products market recorded $53.7 million in outflows during the week of May 1-7, with Bitcoin (<a href="https://cryptoslate.com/coins/bitcoin/">BTC</a>) based products accounting for almost all, according to CoinShares&#8217; weekly report.
BTC and short-BTC-based products recorded a total of $54.9 million in outflows, as the CoinShares report <a href="https://coinshares.com/research/digital-asset-fund-flows">noted</a>.
<figure id="attachment_323711" aria-describedby="caption-attachment-323711" style="width: 577px" class="wp-caption aligncenter"><img class=" wp-image-323711" src="https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-16.30.33.png" alt="Weekly asset flows (Source: CoinShares)" width="577" height="418" srcset="https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-16.30.33.png 1142w, https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-16.30.33-300x217.png 300w, https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-16.30.33-1024x741.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-16.30.33-768x555.png 768w" sizes="(max-width: 577px) 100vw, 577px" /><figcaption id="caption-attachment-323711" class="wp-caption-text">Weekly asset flows (Source: CoinShares)</figcaption></figure>
The week of May 1-7 also marked the third consecutive week of outflows for the crypto investment products market.
The market&#8217;s last outflows streak started in February and lasted <a href="https://cryptoslate.com/crypto-investment-products-record-160m-inflows-breaking-six-week-negative-strike/">six weeks</a> straight. The aggregate value lost during this period reached $408 million, with the <a href="https://cryptoslate.com/fifth-week-of-losses-in-crypto-investment-products-sees-255m-withdrawals/">largest</a> recorded during the week of Mar. 6 &#8211; 12 with $225 million.
<h2 id="flows-by-asset">Flows by asset</h2>
BTC and Short-BTC-based products were almost entirely responsible for the weekly outflows. Within seven days, BTC lost $31.8 million, while short-BTC products saw $23.1 million in withdrawals.
<figure id="attachment_323714" aria-describedby="caption-attachment-323714" style="width: 574px" class="wp-caption aligncenter"><img class=" wp-image-323714" src="https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-16.35.52.png" alt="Flows by asset (Source: CoinShares)" width="574" height="418" srcset="https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-16.35.52.png 1206w, https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-16.35.52-300x218.png 300w, https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-16.35.52-1024x745.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-16.35.52-768x559.png 768w" sizes="(max-width: 574px) 100vw, 574px" /><figcaption id="caption-attachment-323714" class="wp-caption-text">Flows by the asset (Source: CoinShares)</figcaption></figure>
This is particularly unusual for short-BTC products. Even when the market was on its six-week-outflows streak, short-BTC products recorded inflows almost every week. Acknowledging this irregularity, the CoinShares report stated that this was the &#8220;largest weekly outflows from short-bitcoin on record of US$23m.&#8221;
Other than BTC, Ethereum (<a href="https://cryptoslate.com/coins/ethereum/">ETH</a>) also closed the week on the negative by recording $2.3 million in withdrawals. In return, multi-asset and Solana (<a href="https://cryptoslate.com/coins/solana/">SOL</a>)-based products saw inflows worth $100,000 and $3.4 million, respectively, bringing the overall market score to -$53.7 million.
<h2 id="flows-by-country">Flows by country</h2>
Looking at asset movements on a geographical basis Germany and Canada comes forward by recording the most significant outflows of the week. Germany saw $27.1 million in withdrawals, while Canada recorded $19.6 million in outflows. The two nations accounted for 86% of the total outflow amount of the week.
<figure id="attachment_323716" aria-describedby="caption-attachment-323716" style="width: 605px" class="wp-caption aligncenter"><img class=" wp-image-323716" src="https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-16.43.08.png" alt="Flows by exchange country (Source: CoinShares)" width="605" height="384" srcset="https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-16.43.08.png 1210w, https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-16.43.08-300x190.png 300w, https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-16.43.08-1024x650.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-16.43.08-768x487.png 768w" sizes="(max-width: 605px) 100vw, 605px" /><figcaption id="caption-attachment-323716" class="wp-caption-text">Flows by exchange country (Source: CoinShares)</figcaption></figure>
The US, Switzerland, and Brazil also contributed to the withdrawals by recording $4.5 million, $3.5 million, and $300,000 in outflows, respectively. On the other hand, only $1.3 million worth of inflows were brought to the market by Sweden.
When the movements are filtered based on the providers, only Purpose Investments comes forward with $1 million in inflows. 3iQ, CoinShares, and ProShares recorded $19.4 million, $13.4 million, and $5.4 million in outflows, respectively.
The post <a rel="nofollow" href="https://cryptoslate.com/crypto-investment-products-recorded-over-50m-in-outflows-almost-all-from-btc/">Crypto investment products recorded over $50M in outflows – almost all from BTC</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Crypto investment products recorded over $50M in outflows – almost all from BTC

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