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CoinShares Report Shows Major Outflows From Bitcoin Short Funds
Digital-asset investment products see $39 million in outflows last week, with total assets under management reaching lowest level since February 2021.
By Jimmy He
Updated May 11, 2023, 3:21 p.m. Published Jun 21, 2022, 8:04 p.m.
As the price of last week dropped to its lowest level since 2020, investors trimmed their positions in funds designed to profit from further declines in the cryptocurrency.
Investors redeemed a net $5.8 million from short bitcoin funds in the seven days through June 17, the crypto asset manager CoinShares wrote Monday in a report. (A "short" position in financial markets is a bet on a price decline.) At the beginning of the week, assets under management (AUM) in these funds had hit an all-time high of $64 million.
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The retreat from the short bitcoin funds might be "suggesting negative sentiment is close to its peak," CoinShares said.
Overall, digital-asset investment products saw net outflows of $39 million last week, according to CoinShares. Total AUM dipped to $36.3 billion, the lowest since February 2021.
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Underscoring the notion that some investors were buying the dip, bitcoin funds saw inflows totaling $28 million.
Funds focused on ether , the second-largest cryptocurrency, suffered an 11th straight week of outflows, partly driven by investor worries about the Ethereum merge. ETH outflows totaled $70 million last week and brought year-to-date outflows to $459 million.
Solana-focused funds may have benefited from ether doubts, however, seeing inflows of $700,000 last week and $109 million year-to-date.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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