Bitcoin funds saw largest single week of outflows since June, with US$1.3bn left the market in just seven days. With so much uncertainty around bitcoin and its future, investors are looking elsewhere for better returns, but it’s unclear if this trend will continue into October
The “weekly crypto asset flows” is a chart that shows the total amount of funds that have flowed into, and out of, cryptocurrency markets. The chart has been created by Coinmarketcap.com.
Last week, institutional investors sold $133 million worth of Bitcoin (BTC) investment products, the most in a single week since June of last year.
The overall digital asset fund outflows for the week ending April 29 were $120.1 million, according to the latest edition of CoinShares’ weekly Digital Asset Fund Flows report, with the massive Bitcoin withdrawals partly offset by an unexpected $38 million inflow for FTX Token (FTT) products.
Last week’s withdrawals from BTC funds were $132.7 million, bringing the month-to-date outflows for April to $310.8 million.
The last time BTC funds witnessed this much outflow in a single week was in June 2021, during a severe negative trend, as a consequence of huge FUD in the news, such as Tesla suspending BTC payments for its automobiles due to environmental concerns and China enacting its crypto mining ban.
In the research, CoinShares said that there does not seem to be a solid signal as to why a similar degree of adverse investment sentiment revived last month, although it did point to a few of possible factors:
“Other than the US Federal Reserve’s hawkish language and the recent price decrease, it’s impossible to pinpoint the specific cause for this.”
The price of BTC, like many other key assets and stock market indices, has dropped dramatically in the last 30 days, down 18.2 percent to $37,970 at the time of writing. Many observers believe this is due to concerns that inflation and the Federal Reserve’s planned interest rate rises would cause the price of Bitcoin to plummet much more.
Overall, month-to-date (MTD) outflows for all digital asset products monitored by CoinShares were $326.1 million, indicating that institutional investors have been attempting to take risk off the table with crypto investments across the board.
“This isn’t quite as gloomy as it was at the start of the year, but it’s close to the US$467 million in outflows.” “The outflows were rather equally divided regionally, with The Americas accounting for 41% and Europe accounting for 59 percent,” CoinShares noted.
3 reasons why Bitcoin’s price is hovering at $38,000
Ethereum (ETH), Bitcoin’s closest challenger for the top slot in crypto, has also been hit by adverse sentiment recently, with outflows of $25 million in ETH-related products and $82.3 million in MTD withdrawals.
On the other hand, funds linked to FTX’s FTT, a crypto exchange and NFT platform, received $38 million in inflows, but since FTT funds are classified as “other,” it’s unclear whether this is part of a larger trend. Notably, the price of FTT has also dropped 24.5 percent in the last 30 days.
Terra (LUNA) and Fantom (FTM) both received tiny inflows of $390,000 and $250,000, respectively.
The “bitcoin news today” is a news article that discusses the largest single week of outflows since June 2021. The article states that Bitcoin funds saw a $1 billion dollar outflow in just one week.
- bitcoin price history chart 2021
- ethereum price prediction end of 2021
- medium coinshares
- can you buy crypto on fidelity
- invest in bitcoin now