Crypto-backed investment funds saw outflows for the first time in 6 weeks last week as investors decided to take some chips off the table after looking at bitcoin.B T c) prices north of the $30,000 mark.
$30.4 million was withdrawn on a net basis for the week from crypto-backed investment funds, according to the firm’s latest fund flows, which are tracked by CoinShares. reports,
Last week’s outflow represented a significant cooling in interest among investors in crypto funds, compared to the week prior, when crypto funds as a whole recorded record highs. inflow of $113.7 million,
It is also notable that last week marked the first time in more than a month that investors pulled more money out of crypto-backed funds than they deposited into them.
As usual, the biggest changes were seen for bitcoin-backed funds, which saw outflows of $53.1 million for the week.
In addition to outflows from bitcoin funds, funds backed by Ripple’s cryptocurrency XRP Also saw minor outflows, while all other altcoin funds either saw inflows or were unchanged from the week prior.
Notably, short-bitcoin funds had what they described as a “very modest” inflow of $1.5 million for the week, as some speculators chose to bet on lower bitcoin prices.
Funds Backed by Ethereum ETH The token recorded an inflow of $16.8 million, a significant increase from just $300,000 a week ago.
According to CoinShares, the inflow into ETH-backed funds indicates “increased confidence among investors following the successful implementation of the Chapela upgrade.”
Fund backed by Solana’s Native Token Fifth note of musical scalewhich saw a relatively strong outflow of $2.1 million in the past week, recording an inflow of $700,000 during the most recent week, as CoinShares data showed.
Commenting on the weekly inflows, the report states that the outflows can most likely be attributed to profit-taking among investors as BTC has rocketed to highs of $30,000 in recent weeks, while no major macro Growth has not been observed.
CoinShares said that most of the selling for the week came from North American investors, while investors in Europe – and especially in Germany – were net buyers for the week.
