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Investors Put $14M Into Crypto Funds Last Week as Bitcoin Market Cratered
Inflows into digital-asset funds last week – after five straight weeks of outflows – suggest investors were taking advantage of the price dip.
Updated May 11, 2023, 6:18 p.m. Published Jan 24, 2022, 5:46 p.m.
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As crypto traders suffered last week through the market's worst stretch in months, investors in digital-asset funds appear to have bought the dip.
Cryptocurrency funds brought in $14.4 million of new investor money during the seven days through Jan. 21, ending a streak of five straight weeks of outflows, according to a report Monday from the digital-asset manager CoinShares.
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The inflows came during the latter part of the week, "during a period of significant price weakness," according to the report. "Investors, at current price levels, are seeing this as a buying opportunity."
Bitcoin's (BTC) price tumbled 16% in the seven days through Sunday, the oldest cryptocurrency's worst weekly performance since May 2021. On Monday, the price fell further and was changing hands around $34,100 at press time.
Ether (ETH), the native cryptocurrency of the Ethereum blockchain, was down 29% over the past seven days to $2,275.
According to CoinShares, last week's inflows were led by Bitcoin-focused funds, which brought in $13.8 million.
Ethereum-focused funds suffered $15.6 million of outflows. Solana-focused funds attracted $1.5 million, with $1.5 million for Polkadot and $1.4 million for Cardano. Multi-asset coin investment products netted inflows of $8 million.
The recent crypto market is still in a sea of red, with bitcoin down 20% in the last seven days, trading around $34,100 at press time.
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Bitcoin is now on track for its fifth consecutive weekly decline, and losing this level could open the floor for a fresh leg lower.
What to know:
- Bitcoin fell back to $66,000 on Wednesday afternoon, testing the lower end of its recent trading range.
- Crypto-related stocks reversed early gains, with Coinbase swinging from a 3% morning rise to a 2% loss and Strategy slipping about 3%.
- Surprisingly hawkish Fed minutes had the U.S.dollar strengthening, putting pressure on risk assets.
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