Bitcoin Funds See Majority Weekly Outflows Since June 2021: CoinShares

Key Insights:

• Crypto investment products saw outflows totaling $120 million, last week.
• Bitcoin-based funds top outflows, resulting in the largest single week of outflows since June 2021.
• Total outflows in this four-week run recorded $339 million.

Digital asset investment firm CoinShares has rolled out its latest weekly crypto fund flows, showing net outflows totaling $120 million, last week.

Per the report, bitcoin (BTC) funds alone saw the majority of outflows, resulting in the largest single week of outflows since last year June. BTC funds worth $132.7 million exited last week, bringing month-to-date outflows for the month of April, to $310.8 million.

Bitcoin was followed by ethereum (ETH) outflows, recording $25 million, last week, a huge margin when compared to bitcoin.

The total outflows in this four-week run hit $339 million, which, according to CoinShares, is close to the $467 million outflows witnessed at the beginning of this year.

Region-wise, the Americas comprise 41% of the outflows, whereas Europe records 59%. There is still no clear indicator for the exodus, however, CoinShares noted:

“It is difficult to ascertain the precise reason for this other than the hawkish rhetoric from the US Federal Reserve and the recent price decline.”

Multi-asset funds see inflows

The report noted that many altcoin-based funds also saw minor outflows such as solana (SOL), which recorded $1.5 million week flows and litecoin (LTC) saw $0.6 million capital moving out, last week.

While multi-asset funds saw an uptrend with a $1.9 million inflow for the week. terra (LUNA) and fantom (FTM) also saw minor inflows totaling $0.39 million and $0.25 million, respectively.

“FTX Token, the utility token for the fast-growing FTX crypto exchange, bucked the negative trend with inflows totaling $38 million, last week, the largest of all crypto assets we track,” the report read.

Bitcoin price plunge

Most cryptocurrencies are dropping as other digital assets are seen trading in red, on Wednesday. The overall crypto market seems to shine low as investors are worried over the US Federal Reserve’s expected increase in interest rates.

The bitcoin price plunged by 0.32%, falling below $40,000. The crypto was trading at $38,930 at press time.