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Crypto Fund Inflows Slow to $88M as Market Retreats
Bitcoin’s price is down 26% in the past 30 days, suggesting investors continue to see the price weakness as a buying opportunity, albeit at a slower pace.
Updated May 11, 2023, 5:06 p.m. Published Dec 13, 2021, 6:50 p.m.
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Digital asset investment products saw inflows drop 52% last week to $88 million, as crypto markets saw a downturn.
The inflows into crypto funds during the week ended Dec. 10 compared with $184 million the prior week, according to a report Monday by CoinShares.
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Funds focused on bitcoin, the largest cryptocurrency, accounted for the bulk of the week’s inflows, at $52 million. The prior week, bitcoin-focused funds saw $145 million of inflows.
Bitcoin is down 26% in the past 30 days, suggesting investors continue to see the price weakness as a buying opportunity – but at a slower pace.
For the first time in six weeks, funds focused on ethereum, the second largest cryptocurrency by market capitalization, witnessed outflows. Ethereum fund outflows totaled $17 million last week.
This week’s inflows consisted of very mixed flows across assets, the report from CoinShares noted.
Solana , the blockchain-based smart contracts platform, saw inflows of $17 million. SOL is down 35% on the month after reaching an all-time high in November.
, saw $15 million worth of inflows. Crypto funds focused on the multi-purpose blockchain platform now have an asset-management total, at $92 million, above that of Cardano’s $68 million, according to the report.
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What to know:
- Bitcoin's long-term rally is "broken" and will remain so until the price climbs above $85,000, said Jean-David Péquignot, chief commercial officer of derivatives exchange Deribit.
- Péquignot said that if bitcoin closes below the key $60,000 support level, the next likely target is its 200-week simple moving average near $58,000.
- The cryptocurrency has been trading between $60,000 and $70,000 for about a week.
