Crypto investment products saw their first week of outflows in the week ending Mar. 11, ending a 7-week streak of inflows, a report by CoinShares showed on Monday.
Outflows totalled $110 million last week, with North America comprising $80 million. CoinShares said the outflows began at the start of last week, suggesting they were a response to the Biden administration’s executive order to study digital assets more deeply.
CoinShares said multi-asset (multi-coin) and blockchain equity Crypto investment products saw inflows totally $12 million and $4.1 million respectively, remaining the most popular choices among investors.
Bitcoin, the world’s first and largest cryptocurrency by market cap, saw outflows totalling $70 million. Ethereum, the second biggest coin by market cap, saw the $51 million of outflows.