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Grayscale faces $440 million in outflows amid market downturn

US leads with $388m in crypto outflows as market sentiment wanes.

Grayscale faces $440m in outflows amid market downturn

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Crypto investment products experienced their third week of outflows, totaling $435 million. Asset management firm CoinShares highlighted that this is the most significant withdrawal since March, with trading volumes for exchange-traded products (ETPs) dropping to $11.8 billion from $18 billion the previous week, coinciding with a 6% decrease in Bitcoin (BTC) prices.

Bitcoin and Ethereum were the primary focus of the outflows, with $423 million and $38 million exiting these assets. However, a variety of altcoins attracted inflows, particularly multi-coin investment products, which garnered $7 million. Solana, Litecoin, and Chainlink continued to attract investment, with inflows of $4 million, $3 million, and $2.8 million, respectively.

Regionally, the US led the outflows with $388 million, despite year-to-date inflows reaching a high of $13.6 billion. Grayscale reported $440 million in outflows, marking a nine-week low. Concurrently, inflows for new issuers slowed, with just $126 million last week, a decrease from $254 million the week before.

Germany and Canada also experienced outflows of $16 million and $32 million, respectively. In contrast, Switzerland and Brazil saw inflows of $5 million and $4 million.

Moreover, April nears a closing with negative flows. In this very likely scenario, a six-month streak of positive inflows to crypto investment products will end.

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