Crypto-based investment products witnessed largest outflows since March 2023, when US announced tightened regulation for exchanges
Bitcoin-based funds suffered the worst: they are responsible for a $149 million outflow. At the same time, funds based on XRP, Cardano , Litecoin and Solana witnessed an inflow of funds.
Many investors are continuing to sell their short positions, seeing $4 million outflows last week, with the last 18 week run of outflows representing 89% of total AUM. This negative sentiment we believe is due to the increasing acceptance that a spot-based ETF for Bitcoin in the US is likely to take longer than many expect, with recent delays being announced by the SEC.
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