Across the industry, crypto funds had $97 million in net outflows in the seven days through Apr. 15, according to CoinShares. Of that, 88% came from European funds in a shift from the prior week when the majority of the $134 million in outflows came from U.S. funds. The $134 million in outflows was the most since January.
“We have witnessed bitcoin becoming increasingly interest-rate ‘sensitive’ over the course of 2022 in a similar way to other stores of value," CoinShares wrote in its report.
So-called "short" bitcoin investment products – such as exchange-traded products that provide an inverse to the cryptocurrency's performance – saw $1.8 million in outflows last week after a few weeks of inflows.
Bitcoin-related products saw outflows of $73 million, claiming the majority of the outflows. Trading volume of bitcoin funds was at half of the yearly average at $651 million, echoing the shrinking overall bitcoin trading volume. It was 32% off the year’s weekly average.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, has traded at around $40,000 since early April. It went up to over $41,000 on Apr. 13, but fell back to $40,000 later in the week.
Funds focused on ethereum (ETH) saw $27 million in outflows, more than the previous week’s $15.3 million in outflows.
Both Cardano and Solana-focused funds saw outflows of $700,000, while multi-asset funds saw inflows of $5.3 million.
Broken down by providers, funds managed by ETC Group had the most outflows with $95.9 million, while 3iQ’s $19.2 million of outflows were the second most.
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