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Crypto Investment Products Witness 9th Straight Week of Outflows: CoinShares

Altcoins witnessed inflows totalling $2.4 million, according to the report.

By Lyllah Ledesma|Edited by Parikshit Mishra

Updated Jun 19, 2023, 1:36 p.m. Published Jun 19, 2023, 1:36 p.m.

Digital asset investment products witnessed the ninth consecutive week of outflows last week, pushing the total to $423 million, according to a report by CoinShares.

Last week's outflows totalled $5.1 million, with the end of the week seeing minor inflows after the news that BlackRock (BLK) filed a bitcoin (BTC) spot exchange traded fund application in the U.S. However, the inflows were not large enough to offset outflows seen earlier on in the week.

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After a rocky few weeks for altcoins, investors were prompted to add positions, with inflows totalling $2.4 million, CoinShares said.

Altcoin prices have suffered after the U.S. Securities Exchange Commision (SEC) listed a number of altcoins as securities in its lawsuits against Binance and Coinbase (COIN). XRP saw inflows of $1 million last week and Cardano's ADA saw $600,000.

Ether (ETH) saw outflows totalling $5 million.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds a master's degree from New York University in Business and Economics and an undergraduate degree in Political Science from the University of East Anglia. Lyllah holds bitcoin, ether and small amounts of other crypto assets.