CoinShares: Global crypto ETPs experience four consecutive weeks of outflows, putting pressure on Bitcoin and Ethereum.

PANews reported on February 16 that, according to The Block, a recent report from CoinShares shows that global crypto asset ETPs have experienced net outflows for the fourth consecutive week, with approximately $173 million flowing out last week and a cumulative outflow of $3.74 billion over the past four weeks, indicating that the trend of market capital withdrawal continues.

The report points out that although the weekly outflows have slowed from the high of approximately $1.7 billion at the beginning of the month, the overall selling pressure has not yet reversed. James Butterfill stated that the current data reflects a month-long pullback cycle in crypto fund funds.

In terms of trading activity, ETP trading volume cooled significantly, falling from a record $63 billion the previous week to $27 billion, indicating that speculative trading activity declined in tandem with capital outflows. Regarding the timing of capital flows, approximately $575 million flowed in at the beginning of last week, but subsequently saw an outflow of approximately $853 million, mainly due to weakening prices; on Friday, weaker-than-expected CPI data boosted the market, resulting in a brief inflow of approximately $105 million.

There was a clear divergence at the regional level. The US market recorded an outflow of approximately $403 million last week, while other regions recorded a combined inflow of approximately $230 million. Germany led the way with an inflow of approximately $115 million, followed by Canada with approximately $46.3 million and Switzerland with approximately $36.8 million, indicating that demand for funds is shifting to overseas markets.

In terms of asset classes, Bitcoin-related investment products saw the largest outflows last week, approximately $133 million; shorting Bitcoin products also experienced outflows of approximately $15.4 million over the past two weeks. CoinShares points out that this phenomenon typically occurs when the market is near a cyclical low. Ethereum funds recorded outflows of approximately $85.1 million, while some altcoins continued to attract inflows, with XRP seeing inflows of approximately $33.4 million, Solana approximately $31 million, and Chainlink approximately $1.1 million.

In terms of price, Bitcoin fell nearly 2% in the past week and is still below the $70,000 mark; Ethereum is still below $2,000 after two consecutive weeks of significant capital outflows, and the overall market sentiment remains cautious.