Crypto funds suffered a third week of outflows as bitcoin stagnated.
Overall, digital-asset funds had $7 million in net outflows in the seven days through April 22, CoinShares reported Monday. Several funds saw huge outflows, including 3iQ’s $27 million and ETC Group’s $8 million, but ProShares’ $41.3 million inflow provided an offset.
Crypto funds suffered a combined $231 million of outflows over the two prior weeks.
Broken down by assets, bitcoin-focused funds saw minor net inflows of $2.6 million last week, but month-to-date outflows remain at $178 million.
The price of bitcoin (BTC), the largest cryptocurrency by market capitalization, has dropped below $40,000 to around $39,000 over the past week. It went up to as high as $42,978 on April 21 but quickly fell back to a monthly low at around $39,000.
Funds focused on Ethereum (ETH) saw $16.9 million in net outflows, less than the $27 million that flew out of the funds in the week before.
Most funds focusing on altcoins saw inflows last week. Avalanche-focused funds saw inflows of $1.8 million, solana-focused funds saw inflows of $0.8 million, and terra-focused funds saw inflows of $0.7 million.
The "short" bitcoin investment products – exchange-traded products providing an inverse or -1x return to the cryptocurrency's performance – saw $0.4 million inflows last week, partly offsetting last week’s $1.8 million outflows.
“The total number of investment product launches has cooled, with only 11 in Q1 2022 versus 24 in Q4 2021,” CoinShares wrote in the report. There have been more products focused on altcoins such as avalanche, tezos and terra.
Despite negative sentiment in the U.S. stock market, blockchain-focused equities saw minor inflows of $3 million last week.
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