Crypto Funds Pause Three-Week Positive Streak with $147M Outflows
- Crypto funds have posted outflows for the first time in three weeks.
- Bitcoin investment products bled the most.
- On the other hand, multi-asset funds extended their positive streak to a 16th week.
Global digital asset investment products witnessed tens of millions in net outflows in the week ended on October 4, ending their three-week streak of positive flows.
The disrupted positive streak was a reaction to continued expectations of favorable monetary policy in the U.S. and associated upward price momentum in the crypto market, which saw the Bitcoin price tease north of $66,000 on September 27.
Crypto Funds See Mild Outflows
According to a CoinShares report on October 7, crypto investment products at various asset managers globally saw a combined net outflow of $147 million last week, with Bitcoin funds bleeding the most.
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Bitcoin investment products logged outflows totaling $159 million as short-bitcoin attracted $2.8 million from investors. An outflow trend was also seen in Ethereum, with $29 million leaving the funds barely a week after breaking a five-week negative spell.
CoinShares head of research James Butterfill attributed the “minor” outflows to weaker investor sentiment, which was likely driven by higher-than-expected economic data last week and dwindling possibilities for significant rate cuts.
“Trading volumes were up marginally by 15% to US$10 for the week in ETP investment products, while we have seen lower volumes in broader crypto markets,” Butterfill said in the report.Notably, multi-asset investment products extended their inflow streak to a 16th week, attracting $29 million in net inflows. The funds have pulled a combined $431 million during those 16 weeks, representing 10% of assets under management (AUM).
Stay updated on Metaplanet’s latest Bitcoin acquisition:
Metaplanet Pushes Bitcoin Holdings to $40M After Latest Acquisition
Read about Bitcoin’s supply on exchanges hitting a six-year low:
Bitcoin’s Exchange Supply Falls as ‘Uptober’ Builds Strength
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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