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Breaking news: US Sanctions Enforcer Blacklists a Crypto Exchange for First Time

Bitcoin Fund Outflows Slow but Investors Start Exiting Ether Funds

The amount of money leaving was significantly less than the previous, record week of $141 million.

Jun 14, 2021 at 5:00 p.m. UTC
Updated Sep 14, 2021 at 1:10 p.m. UTC

Money being pulled out of digital-asset investment funds slowed somewhat last week. However, while net redemptions from bitcoin-focused funds shrank, some investors seem to be souring on ether.

Overall, digital-asset funds experienced net outflows of $21 million during the week ending June 11, down from $94 million pulled out of funds the prior week, according to a Monday report by CoinShares.

The decline in outflows might be an early sign of bearishness has peaked.

Investors have been pulling money from bitcoin funds in recent weeks as the price of the largest cryptocurrency by market value traded below $40,000, down from the all-time high near $65,000 reached in April.

Funds focused on altcoins including ether, the native cryptocurrency of the Ethereum blockchain, as well as XRP had been favored over the past month as investors diversified from bitcoin funds. The latest data suggests that trend might be starting to shift.

  • Ether "had the largest outflows on record [since 2015] last week, totaling $12.7 million,” according to CoinShares.
  • Meanwhile, outflows in bitcoin funds last week totaled $10 million, significantly less than the previous, record week of $141 million.
  • “Trading activity in bitcoin investment products rose by 43% compared to the previous week," according to the report.
  • XRP funds saw minor outflows totaling $2.8 million last week following a six-week run of inflows totaling $21 million.
  • Flow data suggests mixed opinions among investors as sentiment weakened over the past month, according to CoinShares.

Chart shows weekly digital asset fund flows.

Chart shows assets under management and net-new assets across digital asset funds.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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