Crypto funds have hit a third-week exit as leading crypto Bitcoin (BTC) stagnates. Funds focusing on the leading altcoin Ethereum (ETH) saw a net outflow of $ 16.9 million, while there were inflows to funds based on 3 altcoins in particular.
Crypto funds outflow as Bitcoin stagnates
There was a net outflow of $7 million from digital asset funds in seven days through April 22, CoinShares reported on Monday. Several funds have seen big exits, including $27 million from 3iQ and $8 million from ETC Group. But ProShares’ $41.3 million entry struck a balance.
Crypto funds had a total outflow of $231M over the previous two weeks. Bitcoin-focused funds, split by assets, saw small net inflows of $2.6 million last week, but month-to-date outflows remained at $178 million.
As we reported as Kriptokoin.com, Bitcoin, the largest cryptocurrency by market capitalization, fell below $ 40,000 last week and fell to $ 39,000. Although BTC rallied as high as $42,978 on April 21, it quickly retreated to its monthly low of around $39,000.
There were exits from Ethereum funds, and entries in these altcoins
Funds focused on Ethereum (ETH), though less than the $27 million that came out the previous week also saw a net outflow of $16.9 million. Most funds focused on altcoins debuted last week. Funds focused on Avalanche (AVAX) saw an inflow of $ 1.8 million, while funds focused on Solana (SOL) saw an inflow of $ 0.8 million, while Terra (LUNA) focused funds received an inflow of $ 0.7 million.
‘Short’ Bitcoin investment products (exchange-traded products that provide an inverse or -1x return to the performance of the cryptocurrency) saw $0.4 million in inflows last week and partially offset last week’s $1.8 million outflows.
CoinShares report states that ‘the total number of investment product launches has cooled, with just 11 in the first quarter of 2022 versus 24 in Q4 2021. Meanwhile, despite the negative sentiment in the US stock market, blockchain-focused stocks saw small inflows of $3 million last week.
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