Bitcoin, Ethereum, Cardano Funds See Outflows for Second Week in a Row
Bitcoin (BTC) and other cryptocurrency funds are seeing significant net outflows for the second week in a row. Crypto funds saw a net outflow of a staggering $97 million last week, CoinShares reported on April 19: This week’s Digital...
Bitcoin (BTC) and other cryptocurrency funds are seeing significant net outflows for the second week in a row. Crypto funds saw a net outflow of a staggering $97 million last week, CoinShares reported on April 19:
This week’s Digital Asset Fund Flows Report is available! write by @jbutterfillthe headline for this week is: Second week of outflows, but investors sell out of short-Bitcoin positions.
To access the report, click here: https://t.co/MbvaGEUdwi pic.twitter.com/g9tFpJno4I
— CoinShares 👩🚀 (@CoinSharesCo) April 19, 2022
Crypto investment products saw significant net inflows for just two weeks in a row at the end of March and early April. However, uncertainty seems to be returning to the market and this is also reflected in institutional investors.
According to CoinShares, the outflow is a response to the upcoming policy of the Federal Reserve, the US central bank. A statement from the Federal Open Market Committee (FOMC) early this month suggests the Fed likely plans to raise interest rates in May to curb rising inflation.
“We’ve seen bitcoin become increasingly interest-rate sensitive over the course of 2022, in a similar way to other stockpiles.”
According to CoinShares. Last week no less than 88% of the outflow came from European investment products. The week before, it was mainly American products. According to Coin Shares, this is due to the outflow in Europe being a delayed response to the FOMC statement. Most of the outflow was from “short” investment products.
Bitcoin, Ethereum, Solana, Cardano
A whopping $72.8 million flowed out of bitcoin funds last week. That brings the total this month to a net outflow of as much as $196.4 million. Nevertheless, the net inflow is still at $145 million this year for bitcoin funds.
Ethereum (ETH) funds saw an outflow of $27.1 million last week, bringing the total to $40.3 million this month. So far this year even $153 million has flowed out of ether funds.
Solana (SOL) products, which recently saw a significant influx, are now seeing a net inflow of $700,000. Yet SOL funds are still up $106 million this year. Cardano (ADA) products also saw net outflows of $700,000 last week. ADA funds are still up $8 million this year.
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