Key Points:
- Digital asset investment products witnessed $147 million worth of net outflows globally last week, according to CoinShares.
- The outflows end a three-week run of positive flows, and higher-than-expected economic data is likely the culprit, Head of Research James Butterfill said.
Global crypto funds saw a $147 million crypto fund exit last week, ending a 3-week inflow streak. U.S. funds led to losses.
$147 Million Crypto Fund Exit, Ending 3-Week Streak
In all, crypto funds globally have net outflows of $147 million, breaking three consecutive weeks of inflows. This was driven by negative sentiment due to economic data, with the lion’s share of outflows coming from U.S. funds.
Bitcoin-based funds were the worst performers, with net outflows of $159 million. Short-bitcoin, on the other hand, saw slight inflows. Other regions such as Germany and Hong Kong also saw negative flows.
Read more: Crypto Fundraising Dips 23% In Q1 2024 But Still Shows Optimistic Background
Multi-Asset Crypto Funds Continue Positive Inflows
Although most crypto funds witnessed outflows, multi-asset products bucked the trend and added $29.4 million in inflows, marking the 16th week of positive flows.
These diversified exposure products have become popular among investors and accounted for $431 million in total inflows since June, underlining a growing trend toward investments that spread risk in the crypto sector.
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Source: Coincu
