Cryptocurrency investment products lost 10% of assets under management last week as institutional investors rushed for the exit during the latest episode of market volatility prompted by the Silvergate and Silicon Valley Bank collapses.
Digital asset investment products registered $255 million in outflows for the week ending March 12, marking the fifth consecutive weekly decline and the largest seven-day drop on record, according to CoinShares. The 10% drop in assets under management, or AUM, retraced all the gains in 2023.
As the largest and most influential crypto asset, Bitcoin (BTC) witnessed a $244 million drawdown. Ether (ETH) products lost $11 million in AUM, while multi-asset funds gained $2.2 million.
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Year-to-date flows are now negative for Bitcoin, Ether and multi-asset funds. Although short-Bitcoin products registered minor outflows
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