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Bitcoin Fund Outflows Slow but Investors Start Exiting Ether Funds
The amount of money leaving was significantly less than the previous, record week of $141 million.
Updated Sep 14, 2021, 1:10 p.m. Published Jun 14, 2021, 5:00 p.m.
Money being pulled out of digital-asset investment funds slowed somewhat last week. However, while net redemptions from bitcoin-focused funds shrank, some investors seem to be souring on ether.
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Overall, digital-asset funds experienced net outflows of $21 million during the week ending June 11, down from $94 million pulled out of funds the prior week, according to a Monday report by CoinShares.
The decline in outflows might be an early sign of bearishness has peaked.
Investors have been pulling money from bitcoin funds in recent weeks as the price of the largest cryptocurrency by market value traded below $40,000, down from the all-time high near $65,000 reached in April.
Read more: Bitcoin 'Options Smile' Shows Market Fearful of Downside Despite Tesla News
Funds focused on altcoins including ether, the native cryptocurrency of the Ethereum blockchain, as well as XRP had been favored over the past month as investors diversified from bitcoin funds. The latest data suggests that trend might be starting to shift.
- Ether "had the largest outflows on record [since 2015] last week, totaling $12.7 million,” according to CoinShares.
- Meanwhile, outflows in bitcoin funds last week totaled $10 million, significantly less than the previous, record week of $141 million.
- “Trading activity in bitcoin investment products rose by 43% compared to the previous week," according to the report.
- XRP funds saw minor outflows totaling $2.8 million last week following a six-week run of inflows totaling $21 million.
- Flow data suggests mixed opinions among investors as sentiment weakened over the past month, according to CoinShares.
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