Crypto funds record outflows of US$126 million in one week

Crypto investment products saw small outflows totaling $126 million last week.

According to the latest weekly report from CoinShares, crypto investors are apparently hesitant. This is because positive price dynamics appear to have stagnated.

Meanwhile, crypto movement volumes increased slightly, from $17 billion to $21 billion week over week.

However, ETP/ETF activity has fallen relative to the overall market, from 40% of total volumes on trusted exchanges last month to 31% last week. As CoinShares highlighted, these results demonstrate a certain caution among investors.

Entries and exits in crypto products

Also according to the report, at a regional level, the United States recorded the largest outflows, totaling US$145 million. Meanwhile, Switzerland and Canada followed with outflows of US$5.7 million and US$6 million, respectively.

Investors in Germany saw recent price weakness as an opportunity, seeing inflows of $29 million last week. Likewise, Brazil recorded inflows of US$3 million.

Bitcoin alone recorded outflows of US$110 million. However, the largest cryptocurrency on the market maintained its positive monthly inflows of US$555 million.

Short-bitcoin products, which invest in the cryptocurrency’s falling price, broke their 3-week outflow period with inflows of $1.7 million, likely taking advantage of recent price weakness.

Among altcoins, Ethereum was the one that suffered the most in relative terms, with outflows of US$29 million last week. These outflows for the market’s second-largest crypto mark its fifth consecutive week of outflows.

Despite Solana seeing outflows of $3.6 million last week, altcoins overall had another good week, with less heralded names seeing inflows such as Decentraland, Basic Attention Token, and LIDO, which saw inflows of $4. 9 million, US$2.9 million and US$1.8 million, respectively.