Crypto Funds Suffer Fourth Straight Week of Outflows as Bitcoin Stalls
Some $120 million flowed out of digital-asset funds in the week through April 29, according to CoinShares.
Crypto funds suffered a fourth straight week of outflows amid the stagnant bitcoin market while multi-asset funds continued to rake in fresh money.
Overall, digital-asset funds had $120 million in net outflows in the seven days through April 29, CoinShares reported Tuesday.
Bitcoin-focused funds suffered the most, losing $132 million last week, the highest so far this year. Since the start of April, bitcoin funds have suffered a cumulative $310 million of redemptions, though for 2022 to date the funds are still sitting on a cumulative $120 million of net inflows.
Funds focused on ether (ETH) saw $25.1 million in net outflows last week. Out of the 17 weeks already in the books for 2022, ether-focused funds netted inflows in only five of those.
Among the few winners last week, FTX token (FTT)-focused funds saw inflows of $38 million.
Multi-asset focused funds saw an inflow of $1.9 million, continuing a streak that dates back to early January. Multi-asset funds now account for 8% of all assets under management, the largest behind bitcoin- and ether-focused funds, according to CoinShares.
Outflows were evenly distributed between Europe and the Americas. Some 59% came from European funds and 41% came from funds based in the Americas. Funds focusing on altcoins other than the FTX token saw outflows last week. SOL-focused funds saw outflows of $1.5 million – and that was before the Solana blockchain experienced a network shutdown.
DOT-focused funds saw outflows of about $800,000, while Binance coin-focused funds saw outflows of $700,000.
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