When one think the crypto market’s got its mojo back, and it’s not. For the fourth week straight, cryptocurrency exchange-traded products, including ETFs have been hemorrhaging cash, $876 million just last week.
That brings the total to a pretty painful $4.75 billion in outflows over the past month. Yeah, it’s a bloodbath out there.
Real capitulation?
James Butterfill, head of research at CoinShares , says investor sentiment is as bearish as it gets.
The market’s showing signs of capitulation, which is just a fancy way of saying people are throwing in the towel. Bitcoin ETPs are the biggest losers, accounting for 86% of those outflows.
And if you thought things couldn’t get worse, short-Bitcoin ETPs also saw significant outflows, $19.8 million, the highest since December.
Bear market is for everyone?
But Bitcoin’s not alone in this mess. Most alts are bleeding too. Ether ETPs lost $89 million, while Tron and Aave saw $32 million and $2.4 million in outflows, respectively.
It’s like a domino effect, where everyone’s running for the door. But on the other hand, there are a few exceptions.
Solana, XRP, and Sui managed to attract some inflows, totaling $16.4 million, $5.6 million, and $2.7 million. It’s a small silver lining in an otherwise dark cloud.
The deepest darkness before the dawn
Fidelity Investments took the biggest hit among ETP providers, with outflows of $201 million. BlackRock’s iShares wasn’t far behind, losing $193 million.
Despite these losses, BlackRock remains the largest crypto holder, with $52.8 billion in assets under management.
But let’s be real, guys, this isn’t the kind of news you want to hear if you’re invested in crypto.
It’s time to face the music, the crypto market’s in a slump, and it’s not looking up anytime soon.
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