Institutional crypto investment products suffered their largest weekly total of outflows ever last week, according to digital asset manager CoinShares.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares notes that crypto investment products saw a record-setting $255 million in net outflows, representing 1% of the total assets under management.
It was the fifth consecutive week of outflows for such crypto institutional investment products.
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Bitcoin (BTC) products took the heaviest hit, with outflows totaling a whopping $243.5 million. Ethereum (ETH), by contrast, only saw $11 million in outflows.
The overall outflows “wiped out” the cumulative net inflows seen in 2023 thus far, taking crypto investment products to $82 million in net outflows year-to-date, according to CoinShares.
Not all the investment products had negative weeks,
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