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Crypto Funds Suffer Fourth Straight Week of Outflows as Bitcoin Stalls
Some $120 million flowed out of digital-asset funds in the week through April 29, according to CoinShares.
Updated May 11, 2023, 4:53 p.m. Published May 4, 2022, 4:11 p.m.
Crypto funds suffered a fourth straight week of outflows amid the stagnant bitcoin market while multi-asset funds continued to rake in fresh money.
Overall, digital-asset funds had $120 million in net outflows in the seven days through April 29, CoinShares reported Tuesday.
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Bitcoin-focused funds suffered the most, losing $132 million last week, the highest so far this year. Since the start of April, bitcoin funds have suffered a cumulative $310 million of redemptions, though for 2022 to date the funds are still sitting on a cumulative $120 million of net inflows.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, fell from about $40,000 to the $38,000 level over the past week, appearing to trade in sync with U.S. stocks as the Federal Reserve pushed to tighten monetary policy in the face of soaring inflation.
Funds focused on ether (ETH) saw $25.1 million in net outflows last week. Out of the 17 weeks already in the books for 2022, ether-focused funds netted inflows in only five of those.
Among the few winners last week, FTX token (FTT)-focused funds saw inflows of $38 million.
Multi-asset focused funds saw an inflow of $1.9 million, continuing a streak that dates back to early January. Multi-asset funds now account for 8% of all assets under management, the largest behind bitcoin- and ether-focused funds, according to CoinShares.
Outflows were evenly distributed between Europe and the Americas. Some 59% came from European funds and 41% came from funds based in the Americas. Funds focusing on altcoins other than the FTX token saw outflows last week. SOL-focused funds saw outflows of $1.5 million – and that was before the Solana blockchain experienced a network shutdown.
DOT-focused funds saw outflows of about $800,000, while Binance coin-focused funds saw outflows of $700,000.
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