Largest Bitcoin Fund Outflows On Record

Takeaways

• Outflows were solely from Bitcoin investment products which totaled US$98m or 0.2% of total assets under management. While small, this marks the largest outflow we have recorded.
• All other digital asset investment products continued to see inflows which totaled US$48m last week. With the data implying that investors have been diversifying out of Bitcoin and into altcoin investment products.
• Ethereum continued to see inflows totalling US$27m last week. The month of May marked the first time ever that there has been more investment product trading volumes in Ethereum relative to Bitcoin.

Digital assets investment products saw net outflows of US$50m last week, the first outflows since October 2020 and the largest since May 2019. Historical data implies that outflows of this nature have not marked pivotal points in sentiment change for digital assets.

The outflows were solely from Bitcoin investment products which totaled US$98m or 0.2% of total assets under management. While small, this marks the largest outflow we have recorded, with the second largest at US$19m in May 2019.

All other digital asset investment products continued to see inflows which totaled US$48m last week, with the data implying that investors have been diversifying out of Bitcoin and into altcoin investment products.

Ethereum continued to see inflows totalling US$27m last week. Digital asset investment products saw Ethereum trading volumes being the largest ever, trading a total of US$4.1bn for the week. The month of May marked the first time ever that there has been more investment product trading volumes in Ethereum relative to Bitcoin which saw trading volumes of US$3.1bn last week.

We also saw inflows into other digital assets, the most popular being Cardano and Polka dot, with inflows of US$6m and US$3.3m, respectively.