Share this article
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.
Make us preferred on Google
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
More For You
'We do not do illegal things': Inside a U.S.-sanctioned stablecoin issuer's race to build a crypto giant
Oleg Ogienko, the public face of A7A5, pitched the ruble-pegged stablecoin as a fast-growing trade rail built to move money across borders despite sanctions pressure.
What to know:
- Oleg Ogienko, the public face of ruble-denominated stablecoin issuer A7A5, insists the firm complies fully with Kyrgyz regulations and international anti-money-laundering standards despite extensive U.S. sanctions on its affiliates.
- A7A5, whose issuing entities and reserve bank are sanctioned by the U.S. Treasury, has grown faster than USDT and USDC and aims to handle more than 20 percent of Russia’s trade settlements, primarily serving businesses in Asia, Africa and South America trading with Russian partners.
- Ogienko said that he and his team were developing partnerships with blockchain platforms and exchanges during Consensus in Hong Kong, though declined to name specifics.
Top Stories
