Crypto product inflow streak ends at 11 weeks, but BLOK bucks the trend

Though BTC products lost $33 billion in assets last week, the largest blockchain equities brought in roughly $110 million in that span

article-image

Igor Faun/Shutterstock modified by Blockworks

share

Crypto investment products, in aggregate, saw net outflows last week — ending an 11-week run of capital injection into such funds. 

The net outflows — though slight at $16 million, according to CoinShares — were a departure from a two-plus month streak during which roughly $1.8 billion entered crypto products. 

Bitcoin products saw the most outflows, at $33 million, the data shows. Still, trading volume was $3.6 billion last week — above the year’s weekly average, CoinShares research head James Butterfill said in a Monday report. 

Read more: Crypto product inflow streak hits 10 weeks before BTC climbed to $42k

The outflows come as bitcoin’s price — up about 150% year to date and 14% over the past month — has dipped in recent days.

Bitcoin’s price (BTC) ended the week at about $41,400, Fineqia International research analyst Matteo Greco said in a Monday research note — a 5.5% decrease from the prior week’s closing value of roughly $43,800.

BTC stood at $41,580 at 10 am ET Monday. 

“This past week marked the first instance of a weekly price decrease after eight consecutive weeks of price appreciation, signaling anticipated market movements aimed at reducing market leverage,” Greco added.

Altcoins, equity funds buck trend

Ethereum product outflows were $4.4 million, CoinShares data shows. Ether’s price (ETH), at roughly $2,160 Monday morning, is down 2.7% from seven days ago.

Solana offerings notched about $10 million of inflows, with Cardano-, XRP- and Chainlink-related products seeing slight positive flows. 

Blockchain equity products brought in $122 million last week, flows nearly identical to the $126 million seen the week prior. 

“For many, bitcoin still isn’t accessible, and so it is the next best thing,” Butterfill told Blockworks. “For some, it’s a little lower down the scale of risk and linked to an asset class they are familiar with.”

A majority of that capital has gone into the Amplify Transformational Data Sharing ETF (BLOK), which tallied $206 million of net inflows so far in December, according to ETF.com. Roughly $110 million of those flows came last week, according to CoinShares. 

Read more: BLOK ready for possible BTC rally ahead of halving, spot ETF

BLOK, launched in January 2018, has nearly $850 million assets under management.

The fund’s top two holdings are MicroStrategy and Coinbase, stocks that are up about 288% and 340%, respectively, year to date. 

Updated Dec. 18, 2023 at 11:09 am ET: Added quote from CoinShares research head James Butterfill.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

REPORT_Template.png

Research

The Sonic blockchain is leveraging redesigned airdrop incentives and its FeeM program to propel DeFi activity and attract institutional capital, setting the stage for ecosystem growth. Within this environment, leading protocols Shadow Exchange and Silo are poised to asymmetrically benefit due to innovative features and favorable valuations, despite facing ecosystem dependency and competitive pressures. This positions them as compelling, potentially shorter-term, investment opportunities contingent on Sonic's sustained success.

article-image

Tokens still suffer from a lack of transparency

article-image

Sponsored

The blockchain creates a fair environment where AI agents and users can access deep liquidity without MEV or other forms of value extraction

article-image

After upping its offer multiple times, Circle is finally trading on the NYSE

article-image

Circle goes public on the NYSE Thursday — here’s what to expect

article-image

Sponsored

WalletConnect is the default for secure, scalable onchain interaction — but this isn’t a peak, it’s the launchpad