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 the year. The drawdown represents 1% of total assets invested in crypto funds, according to CoinShares.

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.

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.

Weekly inflows into Solana, XRP, Polygon, and multi-asset funds totaled just $3 million.

CoinShares head of research James Butterfill wrote that while the weekly total outflow was the highest it’s ever been, it’s not the highest when expressed as a percentage of total assets invested in crypto funds.

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

“It highlights just how much total AUM has risen since May 2019— 816%,” he wrote in the report.

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Author: Stacy Elliott

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