Ethereum Hits $126M in Year-to-date Outflows, Alts Remain Steady

It marks the second largest weekly crypto redemptions this year


Blockworks exclusive art by axel rangel


key takeaways

  • Investors pulled $134 million from cryptocurrencies last week
  • Even amid Bitcoin 2022, the largest digital currency posted an outflow of $131.8 million

Investors yanked $135 million from cryptocurrency investment products last week, marking the second largest week of outflows of 2022, according to data from digital asset investment firm CoinShares. 

“Trading volumes were low for investment products, trading $2.5 billion for the week versus the year average of $2.9 billion,” James Butterfill, head of research at CoinShares wrote in the report. “We believe price appreciation the previous week may have prompted investors to take profits last week.” 

Bitcoin led the decline with $131.8 million in outflows, even as Miami’s Bitcoin 2022 conference dominated headlines. 

“Bitcoin is under pressure as bond market sell-off resumed, prompting a widespread selling of risky assets,” Edward Moya, senior market analyst at OANDA, said. “The Bitcoin 2022 conference was more of a party than a game-changing event that will spur the next round of massive investment into cryptos.” 

Bitcoin is struggling as rising rates lead to a de-risking moment for many traders, Moya added, mirroring a broader trend analysts are watching in big tech equities.

“Bitcoin volumes do not suggest any significant stress amongst investors, with investment products comprising only 7.6% of total bitcoin volumes, just above the 7% long-term average,” Butterfill wrote. “However, overall Bitcoin volumes remain lower than average at US$2.3bn per day versus US$3bn (on trusted exchanges).” 

Ethereum lost $15.3 million last week, putting the second largest cryptocurrency at $126 million in outflows so far in 2022.

Alternative coins solana, litecoin, cardano and others posted in-flows — with solana, a top ethereum competitor, leading the pack with $3.7 million in new money.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.


The SEC has signaled a timeline to issuers that could lead to a July 23 launch for the ETH funds, people close to the process told Blockworks


PayPal has unequivocally made a name for itself as a crypto adopter among fintech giants


Also, a look into how the highly-debated SAB 121 could end up shaking out for crypto custodians


Vance, an Ohio Republican, is largely seen as crypto-friendly


Plus, all the world is green as prices across the crypto space rally, with solana reaching a nearly two-week high


Investors add to crypto positions after “turnaround in sentiment due to lower-than-expected CPI,” CoinShares research head says