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Crypto Funds Hit by Redemptions as Investors Retreat From Bitcoin

Investors have been diversifying out of bitcoin and into altcoin investment products, according to CoinShares.

업데이트됨 2023년 3월 6일 오후 3:08 게시됨 2021년 5월 17일 오후 7:01 AI 번역

Record redemptions last week in bitcoin funds helped push overall investment flows into into the red for the first time in 2021.

Investors pulled some $50 million from cryptocurrency funds last week, the first net redemptions of the year, as bitcoin's (BTC) price tumbled.

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According to a report Monday by CoinShares, outflows from bitcoin-focused funds totaled a record $98 million in the seven days through May 14, while investment products focused on other digital assets continued to pull in new money.

The net amount still represents a small fraction of the $5.6 billion put into cryptocurrency funds this year, but the outflows show how quickly some investors were to retreat as bitcoin began a price pullback that has now extended to as much as 35% from April's all-time high.

"Investors have been diversifying out of bitcoin and into altcoin investment products," according to CoinShares.

Investor demand for investment products focused on ether (ETH) continued to rise, totaling $27 million last week.
May marks the first month there has been more investment product trading volumes in ether relative to bitcoin.
Digital asset investment products focused on ether traded a total of $4.1 billion for the week, versus bitcoin's $3.1 billion.
“We also saw inflows into other digital assets, the most popular being cardano (ADA) and polkadot (DOT), with inflows of $6 million and $3.3 million, respectively.”

investment Bitcoin Crypto Funds CoinShares Outflows