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Crypto Investment Funds See 8th Consecutive Week of Outflows
Unfavorable monetary and regulatory policy continue to take a toll on the industry.
Updated Jun 12, 2023, 5:59 p.m. Published Jun 12, 2023, 5:57 p.m.
Digital asset investment products saw outflows of $88 million last week, the eighth straight week of money exiting crypto funds, according to data from Coinshares.
Outflows over the eight-week run now total $417 million and coincide with sizable declines in prices across cryptocurrencies following a hot start to the year. Bitcoin (BTC) for instance, closed last week at about $26,000 after having nearly reached $31,000 in mid-April.
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Bitcoin witnessed outflows of $52 million last week, bringing its eight-week exit total to $254 million. Ethereum, the second largest cryptocurrency by market value, saw outflows of $36 million, the largest single week of such action since the Merge last year.
There were minor inflows into altcoins like Litecoin, XRP, and Solana.
“We believe this is monetary policy related, with currently no clear end in sight to interest rate rises, leaving investors cautious,” said CoinShares. Regulatory policy no doubt played a role as well, with the SEC’s lawsuits last week against Coinbase and Binance the catalyst behind the latest leg down in crypto.
Regulatory policy, however, may take a back seat this week, with a number of key macro data points set to hit, among them Tuesday’s U.S. inflation report and Wednesday’s results from the latest U.S. Federal Reserve policy meeting.
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