Digital asset investment product outflows reached a record weekly level, according to a report by CoinShares.
The digital asset investment firm said that outflows increased for a fifth, consecutive week and totaled $255 million, representing 1% of total assets under management (AUM). Bitcoin was the primary focus for outflows, with some $244 million in outflows.
“While the outflows are the largest on record, they aren’t when expressed as a percentage of total assets under management, that record was on May 2019,” the report said. A full $52 million of outflows that May represented 1.9% of AUM, according to CoinShares.
This comes as the crypto market has suffered a month of uncertainty with crypto-friendly bank Silvergate collapsing and investors concern over the U.S. banking sector’s health.
The report noted that the outflows have wiped out all of the inflows from earlier this year, with outflows totaling $82 million year to date.
UPDATE (March 13, 2023 18:30 UTC): Clarifies the $52 million of outflows was in May 2019.