Roughly $455 million in capital flowed out of crypto ETPs over the past nine weeks.
Crypto exchange-traded products are designed to track crypto prices. When shares of these funds fall below their target prices, they sell off cryptocurrencies, causing outflows.
The week leading up to Sept. 18 saw outflows of $54 million — capping off nine weeks in which only a single week saw inflows. Bitcoin saw the biggest drawdown from all exchange-traded products and was responsible for 85% of all outflows from these funds. Last week, over $45 million worth of Bitcoin was sold into the market by ETPs.
Ether funds were also not spared in the deluge of selling. They saw outflows of approximately $5 million last week.
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