Crypto funds have been absent for the third week, as the leading crypto-bitcoins (BTC) are stagnating. Funds focused on the leading altcoin Ethereum (ETH) saw a net outflow of $16.9 million, while there were inflows, especially to funds based on 3 altcoins.
Crypto Funds Outgrow As Bitcoin Stagnates
As CoinShares reported on Monday, in the seven days to April 22, the net outflow of funds from digital asset funds amounted to $ 7 million. Several funds have had major exits, including $27 million from 3iQ and $8 million from ETC Group. But the influx of ProShares in the amount of $ 41.3 million reached the balance.
The total outflow of crypto funds over the previous two weeks amounted to $ 231 million. Bitcoin-focused funds, divided by assets, showed a small net inflow of $2.6 million last week, but the outflow has remained at $178 million since the beginning of the month.
As we reported on Somanews, bitcoin, the largest cryptocurrency by market capitalization, fell below $40,000 to $39,000 last week. Although BTC rose to $42,978 on April 21, it quickly rolled back to its monthly low of $39,000.
There were exits from Ethereum funds and entrances to these altcoins.
The net outflow of funds focused on Ethereum (ETH) amounted to $16.9 million, although less than $27 million was issued in the previous week. Most altcoin-focused funds debuted last week. Funds focused on Avalanche (AVAX) received inflows of $1.8 million, while funds focused on Solana (SOL) received inflows of $0.8 million, and funds focused on Terra (LUNA) received inflows of $0.7 million.
Bitcoin “short” investment products (exchange-traded products that offer a reverse or -1-fold return on cryptocurrency performance) received an inflow of $0.4 million last week and partially offset the outflow of $1.8 million last week.
“The total number of investment product launches decreased: only 11 in the first quarter of 2022 compared to 24 in the fourth quarter of 2021,” CoinShares said in a report. Meanwhile, despite the negative sentiment on the US stock market, blockchain-focused stocks received a small inflow of $3 million last week.