Crypto Investment Products Saw Outflows for a Third Consecutive Week
Interest in digital assets continues to wane, with crypto investment products seeing outflows for a third consecutive week.
Investors pulled $435 million from digital products in the week ended April 26, according to a report Monday from CoinShares Ltd. The Grayscale Bitcoin Trust accounted for much of that with $440 million in outflows, though that was lowest level for the largest crypto fund in nine weeks.
Outflows were greatest in the US, at $388 million during the week. Overall, for the year, inflows are positive a record $13.6 billion.
Trading volumes in ETPs fell to $11.8 billion from $18 billion in the week prior, while the price of Bitcoin fell 6%, according to the report. As of 1:57 p.m. in New York, Bitcoin was down about 1% to $63,060.
The outflows were heavily focused on Bitcoin and Ethereum, which saw a $423 million and $38 million respectively. Whereas, altcoins and multicoin investments saw $7 million in inflows. Other “regular favorites” like Solana, Litecoin and Chainlink saw inflows of $4 million, $3 million and $2.8 million, respectively.
BY: Bloomberg News
Watercolor by Jimmy Zehm
