The six-week winning streak for crypto investment products is over. CoinShares reported $1.07B in net outflows from digital asset ETPs and ETFs for the week ending May 18, snapping what had been one of the longest sustained inflow runs of the year.
Bitcoin products accounted for $982M of those withdrawals. Ethereum wasn’t far behind in terms of pain, shedding $249M in its largest single-week outflow since January 30. That’s a lot of institutional money heading for the exits in a very short window.
The US led the retreat, Europe quietly bought the dip
Here’s the thing about this outflow: it was almost entirely an American phenomenon. US-domiciled products saw roughly $1.14B in net outflows, meaning the US alone accounted for more than the global total, since other regions were actually adding to their positions.
Switzerland saw $22.8M in inflows. Germany added $22M. Canada contributed $12.6M, and the Netherlands chipped in $7.5M.
