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Crypto Investment Funds See Outflows for Fourth Consecutive Week
Bitcoin-related products accounted for $38 million of the $54 million in total outflows.
By Jocelyn Yang
Updated May 15, 2023, 4:51 p.m. Published May 15, 2023, 4:51 p.m.
Digital asset investment funds experienced a fourth consecutive week of net outflows, with $54 million exiting in the seven days ended May 14, according to a CoinShares report on Monday.
The outflows coincided with sizable declines in crypto prices last week, including bitcoin’s tumble from above $28,000 at its high on Wednesday to below $26,000 by late in the day on Friday.
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“The outflows were broad from a regional perspective, suggesting negative sentiment is not concentrated on just a few investors,” CoinShares said.
Of the $54 million in money exiting, bitcoin-related products accounted for $38 million, according to the report. Bitcoin outflows over the past four weeks have now reached $160 million, or 80% of the total for all crypto over that period.
While multi-asset investments as a whole saw $7 million in outflows last week, there were inflows across eight different altcoins including Cardano (ADA), Tron (TRX) and Sandbox (SAND), suggesting, said CoinShares, that “investors are becoming more adventurous, and selective.”
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
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- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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