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Crypto Funds Snap 6 Weeks of Outflows as Markets Rally
The latest data reflected a reversal after six consecutive weeks of outflows.
By Frances Yue
Updated Mar 6, 2023, 2:51 p.m. Published Aug 23, 2021, 4:51 p.m. 1 min read
Crypto funds saw $21 million of net inflows last week as digital-asset markets rallied, pushing the total assets under management (AUM) to $57.3 billion, the highest since May, a new report shows.
The latest data reflected a reversal after six consecutive weeks of outflows, according to the report Monday by digital-asset manager CoinShares.
Funds focused on Solana's SOL token saw the largest inflow among all digital assets, at $7.1 million last week, the report shows. The token hit an all-time high of $82 on Saturday, according to Messari.
Investors redeemed $2.8 million from bitcoin-focused funds last week, the seventh consecutive week of outflows, despite the largest cryptocurrency’s price upturn. The run matched the streak of outflows recorded in early 2018, the report noted. That was just before the "crypto winter," when cryptocurrency prices tanked and failed to return to all-time highs for more than two years.
Crypto funds focused on ethereum netted $3.2 million of inflows last week.
Funds focused on Cardano's ADA token saw net inflows of $6.4 million, while litecoin funds brought in $1.8 million and polkadot funds netted $1.1 million.
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The S&P 500 posted its longest weekly winning streak since 2023 and Brent oil stabilized near $92 on US-Iran ceasefire hopes. The biggest cryptocurrencies still drifted lower, with Hyperliquid's HYPE the only major name to rally.
Wat u moet weten:
- U.S. stocks and oil rallied, with the S&P 500 logging a ninth straight weekly gain and Brent crude hovering near $92 a barrel on hopes for a U.S.-Iran ceasefire extension.
- Major cryptocurrencies lagged the macro rally, with bitcoin, ether and other large-cap tokens falling around 2% to 6% amid cooling...
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