According to CoinShares’ latest crypto fund flows report, crypto-backed investment funds experienced net outflows for the fourth week in a row, with a total outflow of $200 million over the four-week period. Last week, outflows totaled $53.8 million, a similar amount to the previous week’s outflow of $53.7 million. The outflows were primarily driven by Bitcoin-backed funds, which saw $37.5 million in outflows.
The outflows from Bitcoin funds represent a worsening trend, as the previous week saw net withdrawals of $31.8 million. Over the four-week period, total outflows from Bitcoin funds have reached $160 million, which accounts for about 80% of the total outflows across all crypto fund categories during the same period. The high volume of investment money moving in and out of Bitcoin funds suggests that investor activity is now almost solely focused on Bitcoin over altcoins.
Short-Bitcoin funds, which profit when the Bitcoin price falls, saw outflows of $10.4 million, indicating that speculators are becoming less bearish.
Multi-asset funds, which are backed by a basket of different digital assets, saw the biggest change in the week with outflows of $6.7 million.
In conclusion, crypto-backed investment funds have continued to experience net outflows for the fourth week in a row. Bitcoin funds have been hit hardest, with a total outflow of $160 million over the four-week period. Short-Bitcoin funds saw outflows of $10.4 million, while multi-asset funds saw outflows of $6.7 million. The high volume of investment money moving in and out of Bitcoin funds suggests that investors are currently focused on Bitcoin over altcoins.