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Crypto Funds Draw $90M in New Money as Confidence Returns

Bitcoin-focused funds have attracted new capital for three straight weeks, after a period of outflows in recent months.

By Lyllah Ledesma
AccessTimeIconOct 4, 2021 at 10:20 p.m. UTC
Updated May 11, 2023 at 6:33 p.m. UTC
Weekly crypto asset flows (CoinShares)
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Digital asset investment products attracted $90 million in new money in the seven days last Friday, the seventh straight week of inflows.

Bitcoin-focused funds took in $69 million, according to a report published Monday by CoinShares. It was the third straight week of inflows for bitcoin funds, pushing the cumulative intake over the period to $115 million and cementing a trend reversal from the prior few months when redemptions were the norm.

“We believe this decisive turnaround in sentiment is due to growing confidence in the asset class among investors and more accommodative statements from the U.S. Securities and Exchange Commission and the Federal Reserve,” according to the report’s authors.

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Crypto funds focused on Ethereum, the second-largest blockchain, saw $20 million of inflows.

Alternative digital assets appeared to show waning interest. Funds focused on Binance’s BNB token, Polkadot and Tezos saw minor outflows of $800,000 each. Cardano-focused funds saw minor inflows of $1.1 million while Solana attracted $700,000.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Lyllah Ledesma
Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Follow @LedesmaLyllah on Twitter

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