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Crypto Funds Draw $90M in New Money as Confidence Returns
Bitcoin-focused funds have attracted new capital for three straight weeks, after a period of outflows in recent months.
Updated May 11, 2023, 6:33 p.m. Published Oct 4, 2021, 10:20 p.m.
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Digital asset investment products attracted $90 million in new money in the seven days last Friday, the seventh straight week of inflows.
Bitcoin-focused funds took in $69 million, according to a report published Monday by CoinShares. It was the third straight week of inflows for bitcoin funds, pushing the cumulative intake over the period to $115 million and cementing a trend reversal from the prior few months when redemptions were the norm.
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“We believe this decisive turnaround in sentiment is due to growing confidence in the asset class among investors and more accommodative statements from the U.S. Securities and Exchange Commission and the Federal Reserve,” according to the report’s authors.
Crypto funds focused on Ethereum, the second-largest blockchain, saw $20 million of inflows.
Alternative digital assets appeared to show waning interest. Funds focused on Binance’s BNB token, Polkadot and Tezos saw minor outflows of $800,000 each. Cardano-focused funds saw minor inflows of $1.1 million while Solana attracted $700,000.
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Bitcoin claws back to $70,000 on cooling inflation after $8.7 billion wipeout
Despite the price recovery, the Crypto Fear & Greed Index remains in “extreme fear,” indicating underlying market anxiety.
What to know:
- Bitcoin’s price recovered above $70,000 after a drop, driven by cooler-than-expected U.S. inflation data and increased risk appetite.
- Despite the price recovery, the Crypto Fear & Greed Index remains in “extreme fear,” indicating underlying market anxiety.
- $8.7 billion in bitcoin losses were realized in the last week, potentially signaling a capitulation event and a shift of supply to stronger hands.
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