Investment funds supported by bitcoin (BTC) a week ago saw their largest outflows for any single week since June of 2021, with USD 132.7m being withdrawn by investors, based on data in the crypto investment and research firm CoinShares.
The outflows from crypto funds were the biggest for funds supported by bitcoin, with ethereum (ETH) funds following behind with outflows of USD 25.1m for that week. The 3rd-largest outflows were seen by solana (SOL)-backed funds, which published outflows of USD 1.5m.
Around the positive side, the “Other” category saw big inflows of USD 39.6m a week ago. These inflows were created up almost solely by FTX token (FTT), the exchange token from FTX, with USD 38m in inflows.
Meanwhile, so-known as multi-asset funds – funds which are supported by several digital assets – saw inflows totaling USD 1.9m for that week. The development for that latter group of funds came despite worsening sentiment within the crypto market, with BTC buying and selling lower by about 3% for that week.
Commenting around the flows, CoinShares stated in the are convinced that the outflows seen in the last four days – now totaling USD 339m – “doesn’t reflect exactly the same bearishness seen at the outset of this year” when USD 467m left the area.
With regards to the bitcoin outflows particularly, CoinShares stated that it’s “difficult to determine the actual reason behind this,” even though it recommended the “hawkish rhetoric” in the US Fed is playing a job.
The fund provider that saw the biggest outflows a week ago was ProShares, which recorded outflows of USD 91.1m. ProShares is the organization behind the Bitcoin Strategy ETF (BITO), the very first – but still most widely used – bitcoin futures-backed exchange-traded fund (ETF) in america.
However, the organization that performed the very best a week ago when it comes to capital flows to their products was Purpose, which saw inflows of USD 54.7m. Purpose is the organization behind the reason Bitcoin ETF, a properly-known Canada-listed physically-backed bitcoin ETF.