Between November 10 and 15, investors withdrew $2 billion from cryptocurrency exchange-traded products (ETPs). This marks the largest outflow since February 2024, according to a report by CoinShares.
Total outflows over the past three weeks have reached $3.2 billion. Assets under management have fallen by 27% from their peak in early October—from $264 billion to $191 billion.
Analysts attributed the negative trend to uncertainty in monetary policy and sales by large cryptocurrency holders.
The majority of the outflow was from the United States—$1.97 billion. Swiss and Hong Kong products saw withdrawals of $39.9 million and $12.3 million, respectively. Investors in Germany bucked the trend, investing $13.2 million, seeing the price drop as a buying opportunity.
The largest withdrawals were from Bitcoin funds—$1.38 billion. Outflows from Ethereum-based ETPs amounted to $689 million. Solana and XRP products lost $8.3 million and $15.5 million, respectively.
However, ETFs based on Solana and XRP have not recorded outflows throughout their existence. On November 14, inflows into SOL instruments amounted to $12.04 million, while XRP funds saw $243.05 million.
Meanwhile, investors have poured $69 million into multi-asset ETPs over the past three weeks. Exchange-traded funds allowing short positions on digital gold attracted $18.1 million during the same period.
Back in late October to early November, $1.17 billion was withdrawn from digital asset-based investment products.