{"id":1700,"date":"2023-03-14T03:40:45","date_gmt":"2023-03-14T03:40:45","guid":{"rendered":"https:\/\/solanacrypto.news\/2023\/03\/14\/crypto-fund-outflows-hit-all-time-high-last-week-255m-in-bitcoin-ethereum\/"},"modified":"2023-03-14T03:40:45","modified_gmt":"2023-03-14T03:40:45","slug":"crypto-fund-outflows-hit-all-time-high-last-week-255m-in-bitcoin-ethereum","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2023\/03\/14\/crypto-fund-outflows-hit-all-time-high-last-week-255m-in-bitcoin-ethereum\/","title":{"rendered":"Crypto Fund Outflows Hit All-Time High Last Week, $255M in Bitcoin, Ethereum"},"content":{"rendered":"
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Investors pulled a net total of $255 million out of exchange-traded crypto funds last week, the largest weekly outflow CoinShares has ever recorded, according to a report<\/a> on Monday.<\/p>\n

Assets under management, or AUM, fell by 10% over the past week to $26 billion, undoing the progress made in crypto-based funds since the start of the year. The drawdown represents 1% of total assets invested in crypto funds, according to CoinShares.<\/p>\n

CoinShares tracks the flow of money in and out of exchange-traded products, mutual funds, and over-the-counter (OTC) trusts that track crypto assets like Bitcoin, Ethereum, and altcoins.<\/p>\n

Bitcoin funds were hit especially hard, accounting for $244 million of the money flowing out of crypto funds, according to CoinShares. Ethereum funds lost $11 million during the week and outflows from altcoin funds, like Litecoin and Tron, accounted for less than $1 million, according to the report.<\/p>\n

Weekly inflows into Solana, XRP, Polygon, and multi-asset funds totaled just $3 million.<\/p>\n

CoinShares head of research James Butterfill wrote that while the weekly total outflow was the highest it\u2019s ever been, it\u2019s not the highest when expressed as a percentage of total assets invested in crypto funds.<\/p>\n

Back in May 2019, a $51 million weekly outflow represented about 2% of all assets invested in crypto funds at the time.<\/p>\n

\u201cIt highlights just how much total AUM has risen since May 2019\u2014 816%,\u201d he wrote in the report.<\/p>\n

CoinShares highlight chaos in crypto<\/h2>\n

Last week was brutal for the banking industry, especially institutions that serve the technology sector and crypto industry.<\/p>\n

After weeks of speculation that it wouldn\u2019t survive the blow it was dealt when former client FTX filed<\/a> for bankruptcy, crypto-friendly Silvergate Bank announced that it was winding down<\/a> operations on Wednesday.<\/p>\n

SVB, Signature Bank Losses Will Not ‘Be Borne by the Taxpayer’, Insists President Biden<\/a><\/p>\n

By Thursday, panic on social media created a bank run for Silicon Valley Bank, which counts close to half of all venture-backed tech startup companies in the U.S. as its customers. After reports of stalled transfers, the California Department of Financial Protection and Innovation shuttered SVB<\/a> and named the Federal Deposit Insurance Corporation as its receiver on Friday.<\/p>\n

Then on Sunday evening, New York state regulators shut down Signature Bank<\/a>, one of the few remaining crypto-friendly banks.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Investors pulled a net total of $255 million out of exchange-traded crypto funds last week, the largest weekly outflow CoinShares has ever recorded, according to a report on Monday. Assets under management, or AUM, fell by 10% over the past week to $26 billion, undoing the progress made in crypto-based funds since the start of […]<\/p>\n","protected":false},"author":1,"featured_media":1701,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/1700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=1700"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/1700\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/1701"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=1700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=1700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=1700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}