Crypto ETPs record $2.9B outflows, Bitcoin hit hardest — CoinShares

CoinShares cited the Bybit hack, more hawkish US Fed rhetoric and a previous $29 billion buying streak as reasons for the record-breaking weekly outflows.

Cryptocurrency exchange-traded products (ETPs) experienced the biggest weekly sell-off ever, with outflows reaching a record $2.9 billion last week.

Amid three consecutive weeks of outflows, global crypto ETPs have seen $3.8 billion wiped out, European crypto investment firm CoinShares reported on March 3.

The crypto ETP bloodbath was likely driven by several factors, including the $1.5 billion Bybit hack, hawkish rhetoric by the United States Federal Reserve and a preceding 19-week inflow streak of $29 billion, CoinShares research head James Butterfill said.

“These elements likely led to a mix of profit-taking and weakened sentiment toward the asset class,” he added.

Weekly crypto ETP flows since late 2024. Source: CoinShares

Bitcoin bleeds the most, while Sui is the biggest winner

As the largest asset for global crypto ETPs, Bitcoin (BTC) “bore the brunt of the weaker sentiment” with $2.6 billion of outflows last week, Butterfill reported. Its month-to-date (MTD) flows were also down $3.2 billion. Short Bitcoin ETPs saw minor inflows totaling $2.3 million.

On the other hand, Sui (SUI) was the best performer in terms of ETPs last week, seeing $15.5 million in inflows. XRP (XRP)-based ETPs followed with $5 million inflows.

Flows by asset (in millions of US dollars). Source: CoinShares

ETPs on Ether (ETH), the second-largest crypto asset by market cap, saw $300 million in outflows last week, with MTD inflows amounting to $490.3 million.

With the latest sell-off, the total assets under management (AUM) in crypto ETPs dropped to $138.8 billion after rising to a historical high of $173 billion in January.

BlackRocks iShares ETFs see largest outflows at $1.3 billion

BlackRocks iShares exchange-traded funds (ETF) recorded their largest weekly outflows, with $1.3 billion exiting the funds, following the first 2025 outflows of $22 million the previous week.

The sell-off marks the first major outflow event for BlackRocks iShares ETFs, though the funds have still recorded $3.2 billion in net inflows year-to-date, with $51 billion in assets under management.

Grayscale Investments‘ ETFs saw smaller outflows of $421 million last week. However, unlike BlackRock’s iShares ETFs, Grayscales crypto ETFs saw almost no significant inflows so far in 2025, with $1 billion of outflows YTD, according to CoinShares data.

Additionally, ProShares ETFs were again the only ETFs that did not see outflows last week, posting $76 million of inflows. ProShares is currently the second largest ETF issuer after BlackRock, with $349 million in YTD inflows.